I bought the game including the DLCs during that pick 5 80% sale but I haven't begun to play it yet as due to the issues the game initially had I thought it would be wise to wait until all updates released, preferably DLCs too.

Does anyone know if the creators are planning any more updates or DLCs? It's mainly the updates I'm wondering about, if there are plans I'll likely wait.

You did well, those DLCs are mainly here to increase the price of the game. The last update is for XBox, a free DLC: http://marketplace.xbox.com/en-GB/Product/Omerta-City-of-Gangsters-Serious-Business/5eeae60e-7da2-4b13-8959-6ca917411b3f
It do is the last big patch for the pc game some months ago. No known plan. If you wait for the end of DLCs, you can wait for long: see Tropico4 in its infinite DLCs loop. I guess that's the plan for Omerta too.. You'll never play.

Hehe but I can skip the DLCs, I can live without them but I always enjoy games more if they're problem free and I'm a patient gamer. Anyway, thanks for the answer.

Quoting myself: I was just thinking if I should wait for more updates but it seems I should be able to play it now.