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Omniyat’s Chairman and CEO, Mahdi Amjad, revealed that the company plans to significantly expand its asset base from the current AED 40 billion, with at least half of the target—around AED 50 billion—being allocated to ultra-luxury properties. Amjad emphasized, "We strongly believe in the tremendous growth potential of the ultra-luxury real estate market over the next 5 to 10 years."

Under Omniyat’s new corporate structure, the company will invest across the entire real estate value chain and develop residential, commercial, and hospitality projects in the UAE and the broader Gulf Cooperation Council (GCC) region, making up the remaining AED 50 billion. This year, Omniyat plans to launch two new ultra-luxury projects in Dubai, with a total value of AED 10 billion.

Since rebounding strongly from the market slowdown caused by the COVID-19 pandemic in 2020, Omniyat has been eager to launch new projects to capitalize on the robust growth of the real estate market. Despite global economic challenges and regional geopolitical tensions, the overall market has remained resilient, with the luxury and ultra-luxury segments recording significant growth over the past two years.

According to a recent report by real estate company Betterhomes, Dubai’s luxury home sector recorded 948 transactions, each valued at AED 15 million or more, in the first five months of 2024 alone. These high-value transactions were concentrated in areas such as Palm Jumeirah, Mohammed bin Rashid City, Dubai Canal, Tilal Al Ghaf, and Dubai Hills.

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The ultra-luxury market has also seen record transaction volumes in recent quarters. Betterhomes data shows that the highest single sale this year was a MAG Ritz-Carlton apartment in Dubai Healthcare City, sold for AED 165.6 million, setting a new high for single property sales in the emirate.

Additionally, Omniyat sold the Bulgari Lighthouse on Jumeirah Bay for AED 140.5 million, and AHS Properties sold the Fendi Casa Canal in Dubai Water Canal for AED 140 million. Omniyat, founded in 2005, also sold the penthouse of its latest project, The Lana Residences, part of the Dorchester Collection, for AED 139 million in May this year. Last year, Omniyat launched the Orla series, including the Orla Infinity valued at USD 2 billion, and announced two new ultra-luxury projects.

Other UAE developers, including Dubai's largest listed property company, Emaar Properties, have also disclosed plans to expand their luxury and ultra-luxury market offerings. In February, Emaar announced two new luxury projects in the emirate: the Highland Country Club and the Grand Club Resort, valued at AED 96 billion. Meanwhile, Sharjah developer Arada began sales of its luxury project on Palm Jumeirah, Armani Beach Residences, in January, with five-bedroom units priced at AED 60 million.

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Amjad noted that despite the significant rebound in the ultra-luxury market over the past two years, Dubai still holds vast growth potential. "Compared to other international metropolises, real estate values in Dubai are only a third or a fifth of those in Hong Kong, Singapore, New York, Paris, and London," he said.

Government policies aimed at attracting top global talent and the growing population of millionaires will continue to support the ultra-luxury market. According to a survey by international investment migration consultancy Henley & Partners, a record 6,700 millionaires are expected to call the UAE home by the end of this year. For the third consecutive year, the UAE has been ranked as the top destination for wealthy individuals globally.

Knight Frank reported that Dubai's prime residential market hit historic highs last year, with sales of homes valued at over USD 10 million nearly doubling to USD 7.6 billion, outperforming London and New York. Knight Frank data also indicated that due to rising overseas demand, prices for homes over USD 10 million in Dubai grew at the fastest rate globally last year, increasing by 26%.

"Dubai is undoubtedly a magnet for millionaires," Amjad stated. "It is the top-ranked city globally for ultra-luxury sales volume, attracting millionaires from around the world, making headlines internationally."