Established in 2005 by Mahdi K M J Amjad, who is now the Executive Chairman and CEO, the firm operates under parent companies, Almasa Holdings and Omniyat Holdings, which are both owned by Mr. Amjad. Initially, Almasa Holdings was the primary business, operating in the IT sector. With the launch of real estate company, Omniyat, the group’s market position was strengthened, and new income streams were generated for stakeholders. Currently, Omniyat is making its debut in the Dubai hospitality market, with plans to open more than 1000 hotel rooms, consisting of serviced hotel apartments and deluxe hotel apartments across the city, in addition to the Opus properties. Omniyat has twice set records for selling the most expensive luxury property in the UAE real estate history. In 2017, one of its penthouses was sold for AED 73,000,000, and in 2019, the developer broke its own record with the sale of another ultra-luxurious penthouse at Omniyat One Palm for AED 102,000,000.