Developer Omniyat plans Saudi project as sales more than double
- Company to launch $5bn Saudi development
- Demand up among local and international buyers
- Omniyat sales exceeded $5.5bn last year
Dubai developer Omniyat’s sales more than doubled in 2025 on growing demand for properties among local and international buyers, founder and executive chairman Mahdi Amjad said, while announcing plans for a $5 billion project this year in Saudi Arabia.
Sales exceeded AED20 billion ($5.5 billion) last year, he told CNBC Arabia. No details on the Saudi project were given.
Regulators in Saudi Arabia announced last week the implementation of new rules that, for the first time, let foreigners buy property en masse in the Gulf state.
AGBI broke the news in November last year that the regulations would come into effect on January 22.
The Real Estate General Authority has said the plans would support Saudi Arabia’s Vision 2030 goal of expanding real estate economic activity to $85 billion a year.
Amjad said the kingdom represents the group’s second expansion market after the UAE, adding that the developer plans to enter other Arab markets over the next five years.
The company’s project portfolio under management, development and design exceeds $40 billion, the report said.
Omniyat raised $500 million through a sukuk in May 2025, followed by another $400 million in the last quarter of 2025.
The proceeds from these issuances are being used to develop real estate projects and purchase new land within the UAE, Amjad said.
Further reading:
- State of the market: Saudi real estate in depth
- Saudi Arabia bills 60,000 landowners under new tax rule
- Saudi mortgage lending drops to nine-year low
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