HONG KONG —Dubai's real estate market is forecast to rebound and gather steam starting from late 2016 after a rip-roaring run over the past two years, driven by the heightened level of infrastructure development in preparation for the upcoming World Expo 2020 in which Dubai will play host. The staging of the world fair and the preparations leading up to it are expected to result in 277,000 new jobs in the UAE, an injection of nearly $40 billion into the economy, and an increase in visitors of at least 25 million and up to 100 million. Against this backdrop, local estate developers are aggressively looking for the best opportunity to roll out its stake in anticipation of the property rush. One of them is Omniyat, a Dubai-based, privately-held property development group that is committed to Dubai's vision of leading by design. It has a track record of identifying opportunities to create superior value and solid returns via a portfolio of residential, commercial, leisure and retail properties. Setting a new milestone in real estate development that would eventually redefine the Dubai skyline, the emirate's preeminent real estate developer group that creates livable art, has announced its strategic alliance with Langham Hospitality Group – a leading hotel operator with an extensive network of luxury properties worldwide – to exclusively introduce the prestigious 167-room Langham Place Downtown Dubai in Burj Khalifa District. In a landmark agreement sealed in Hong Kong last August, Mahdi Amjad, Executive Chairman and CEO of Omniyat and Dr Lo Ka Shui, Executive Chairman of Langham Hospitality Group, both expressed optimism on the success of the partnership — taking hold of the right opportunity together and sharing the right vision. Under the deal, Langham will have full management and operational control of the hotel. Located in Burj Khalifa district, Langham Place Downtown Dubai will span a built up area of 680,838 square feet. The AED1 billion project ($273 million) will comprise the five-star luxury hotel and serviced apartments, adding a total of 438 units to the hospitality sector in Dubai upon completion in 2018. Mahdi Amjad said: “We are pleased to partner with Langham Hospitality Group to expand our portfolio in the region by introducing a new offering in the market. As a Dubai-based company, we are committed to contributing to the city's definitive skyline with innovative real estate concepts. The launch of Langham Place Downtown Dubai therefore complements the emirate's strategic tourism vision to annually attract 20 million visitors by 2020. By then, Omniyat will have delivered over 1,500 hotel rooms and suites.” Mark Phoenix, Managing Director of Omniyat said: “Omniyat continues to develop projects that appeal to a very niche market segment. Dubai is still receiving demand for premium developments and we expect a strong response to the launch of the serviced apartments that will welcome global investors starting Oct. 13, 2015.” Langham Place Downtown will be located in water front location in the heart of Downtown Dubai, offering spectacular views facing the world's tallest tower, Burj Khalifa, The Dubai Water Canal and the world's most visited attraction, The Dubai Mall. The Langham Place Downtown will provide easy access to Downtown Dubai, Mohammed bin Rashid City, Business Bay and the upcoming Dubai Design District. Dr. Lo said: “With Omniyat's vast experience in developing luxury properties with cutting edge architecture and design in Dubai, we are delighted to manage this hotel in such a premium location in this dynamic city. Through this strategic partnership with such a renowned property development leader in the Middle East, we look forward to creating a prestigious luxury lifestyle center that will add to the iconic skyline in Dubai.” Offering close proximity to Dubai World Trade Centre and Dubai International Financial Centre, the Langham Place Downtown will feature a range of facilities including Michelin Star restaurants, four distinct food and beverage outlets comprising an all-day dining restaurant, a rooftop bar and lounge, and a salon which will serve the brand's signature afternoon tea, and more than 400 square meters of event space for corporate meetings and social galas. For an unrivalled retreat of relaxation, Langham Place Downtown Dubai will also showcase the Langham Hospitality Group's signature spa Chuan Body and Soul. The spa will offer therapies based on the principles of traditional Chinese medicine (TCM) using the five elemental forces of wood, fire, earth, metal and water. The announcement of Langham Place Downtown Dubai brings the total value of Omniyat's portfolio to AED16 million ($4.4 billion). Launched in 2005, Omniyat's main focus is to generate superior value proposition and yield high returns while delivering projects that cater to the needs of both business and leisure clients. The developer has recently completed its third project in Business Bay, The Binary, and is world renowned for developing the most expensive penthouse in Dubai at a value of AED200 million ($54.45 million). It builds unique projects, at vantage locations within master communities and employs a consistent, bespoke approach in its project development, design and delivery to generate a superior value proposition in all investment environments. Meanwhile, as the wholly-owned subsidiary of Great Eagle Holdings, Langham Hospitality Group encompasses a family of distinctive hotels under the Langham Hotels and Resorts, Cordis and Eaton brands with more than 30 projects currently either confirmed or in a developed stage of negotiation from Asia, Europe and North America to the Middle East. The Group takes its name from the legendary Langham in London which was widely recognized as Europe's first Grand Hotel. For 150 years, this flagship hotel has represented sophisticated and gracious hospitality, a philosophy that reflects elegance in design, innovation in hospitality, genuine service and captivation of the senses across all properties. Langham gained industry respect not just for its time-honored personalized service and hospitality, but also for its corporate social responsibility. Langham believes that engaging “our colleagues and guests to act, think and live differently” as one of its top priorities. In 2011, Langham launched "CONNECT" program to demonstrate its commitment to sustainable development in all the neighborhoods it operates in. Four priorities – governance, environment, community, and colleagues – form and guide the framework of how Langham minimizes its environmental footprint and constructively contribute to communities. “As always, we understand that there is still room for improvement and that more work needs to be done to further involve our stakeholders, colleagues and partners to meet our social and environmental requirements. To that end, we will continue to balance our commercial responsibilities with our environmental governance,” Dr. Lo pointed out in the Group's Sustainability Report 2014.
