By: Amr Adel
Dubai – Mubasher: Omniyat is considering the issue of sukuk to diversify its funding sources, executive chairman and CEO Mahdi Amjad told Mubasher.
This step comes within the company’s framework to explore all available funding choices, he said on the sidelines of a field trip to the Opus project.
This is the first time for the company to issue sukuk since its incorporation twelve years ago.
The 2.2 million-square feet project is valued at AED 2.5 million, with office buildings to be delivered in the fourth quarter of 2017 and a hotel by the end of 2018.
Omniyat is currently studying the launch of a mixed-use project in Dubai Water Canal before the end of this year.
The company targets to double its projects' value from AED 22.7 billion to AED 44 billion within the coming five years.
Translated by: Julian Nabil