Omniyat Properties, the real estate development arm of the two-billion-Dirham Almasa Holdings, has announced that it has broken ground on its first project in Dubai, a AED 507 million freehold commercial tower in the Business Bay master development on Sheikh Zayed Road.
Omniyat Properties also announced that it has appointed Dutco Balfour Beatty, a joint venture between the renowned British contracting company Balfour Beatty and the Dubai Transport Company (Dutco), as the contractor for the first package of construction of its debut project, which will be known as One Business Bay.
A ground-breaking ceremony was held on the site of One Business Bay between Interchanges 1 and 2 on Sheikh Zayed Road. In line with Omniyat Properties' "Live the Future" theme, the ceremony was characterized by a step into the future as a giant replica of the building was erected on the site.
First ground was broken on the site by Mehdi Amjad, President and CEO of Omniyat Properties, Hashem Al Dabal, CEO of Dubai Properties, the master developers of Business Bay, and Grahame McCaig, General Manager of Dutco Balfour Beatty, which is also the main contracting company for the Business Bay itself.
"We are very happy to see our partner investors who have bought land in the Business Bay master development actually start work on site. Omniyat Properties were among the first companies to buy into the Business Bay concept, and are now among the first to start construction on their projects," Al Dabal said.
For his part, McCaig thanked Omniyat Properties for selecting Dutco Balfour Beatty as the contractor for the first package of the project, covering enablement works. "We are pleased to be working with a visionary developer such as Omniyat Properties. We are already working on building the Business Bay and work is progressing smoothly," he said.
Speaking on the occasion, Amjad pointed out that Omniyat Properties believes strongly in delivering the best product on time and is therefore working with the best names in the industry to ensure delivery of the One Business Bay to the investors who have bought freehold offices in the tower. He added that the main contract for the project will be awarded in the next few weeks.
Amjad pointed out that the tower has already been sold out and investors are now looking forward to moving into it by the first half of 2008 when it is completed. "Many developers are receiving complaints about late delivery. For us, it is crucial that we keep our promise. And we will deliver on that promise," Amjad said.
One Business Bay is a 30-storey tower with a unique design which resembles a diamond sticking out of the ground. It will offer Grade A office space in what is considered the best location of the entire development. "One Business Bay is the first building you see as you enter the Bay. It's actually plot number one," Amjad said.
He said the building, designed by creative and upcoming German architects Kling Consult, enjoyed unparalleled views of the Sheikh Zayed Road and Jumeirah Beach on one side, and the Business Bay on the other. Almasa Holdings itself has bought 3 floors for its corporate headquarters.
Ehab S. Shouly, Senior Vice President and Marketing Director of Omniyat Properties, said that the design of Omniyat's first project was a tribute to its holding company Almasa Holdings. "Almasa means diamond in Arabic and we designed the building in a shape of a diamond sticking out of the ground," he explained.
Another design element which reflects Almasa's and Omniyat's creative and out-of-the-box approach to business, is the "nose" of the building which is sticking out of the body mass of the building. The nose consists of three floors which are physically pushed out of the building's mass, creating a gap through the building.
"We have taken a completely new and unique approach to property development. We are combining our expertise in technology and real estate to create unique state-of-the-art buildings, not just in terms of design but also in terms of high-tech features, such as robotics and voice control, among others," Shouly said.
