Sunday 21 July 2019

Omniyat wins $41m funding for Dubai hotel fit-out work

DUBAI, March 25, 2019

Ultra-luxury developer Omniyat has announced that it had secured a financing of Dh150 million ($41 million) from Mashreq Bank for the fit-out of its premier ME Dubai hotel based in The Opus by Zaha Hadid in Downtown Dubai.

Established in 2005, Omniyat has a strong track record in delivering high quality projects, with a development portfolio of over Dh16 billion.

The facility will be utilised for completing the fit-out of the landmark hotel to be operated by the lifestyle hotel brand ME by Meliá, said a statement from Omniyat.

The internal works will prevail outstanding benchmarks worldwide to meet the distinct needs of future guests, it stated.

Omniyat chairman and CEO Mahdi Amjad said: "We are pleased to sign with the UAE’s longest standing bank and adding it to our portfolio of banks that share Omniyat’s vision of building truly unique projects across vantage locations in Dubai."

"Bringing Zaha Hadid’s ground-breaking vision of the future to life has been a momentous journey and we wish to continue her legacy through The Opus. As the final and most anticipated component of The Opus, we are thrilled to be revealing ME Dubai’s debut by the end of the year and look forward to guests experiencing the full capacity of the architectural wonder as it captures design aspirations from every corner," stated Amjad.

Following the announcement, Enrique Ortiz, EMEA region vice-president at Meliá Hotels International, said: "Designed by late architect Zaha Hadid, ME Dubai will be a true legacy project when the property launches. We are honoured to work in partnership with her team and Omniyat and we are very much looking forward to ME by Meliá’s first debut in the Middle East offering guests an unparalleled experience combined with exemplary design."

Ahmed Abdelaal, the head of corporate and investment banking group at Mashreq, said: "As the UAE’s oldest bank Mashreq has played a pivotal role in helping shape the skyline of Dubaiand we are delighted to be associated with a building whose unique design challenges established convention."

"The Opus is testament to how innovation can create a meaningful legacy. This approach mirrors our own and reflects how we empower our customers to achieve their own dreams and aspirations," he added.-TradeArabia News Service


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