Al Habtoor group expects strong 2016 performance

Al Habtoor Group reported a strong performance for the first nine months of 2015 with revenue soaring over 16 per cent compared to the same period a year earlier.
The value of the company's investments and expansion initiatives in Dubai currently stand at Dh12.5 billion. Al Habtoor Motors reported that it outperformed expectations during the first nine months of the year, recording year-on-year revenue growth of 17 per cent. The auto unit said it sold 50,693 Mitsubishi vehicles in the period from January 1 to September 30.
Chairman Khalaf Ahmad Al Habtoor said: "Our business model has evolved over the past couple of years. Our automotive division is expanding rapidly. It recently entered the Saudi Arabian market for the first time with Fuso Trucks. This was a major win for us. In the hospitality sector we have a spectacular portfolio of five-star hotels in Dubai and we are growing internationally."
"We are looking forward to 2016. We have ambitious plans for the future, however, it is not time to be complacent. We are an active player across many sectors and play a key role in the UAE economy. Therefore we need to ensure we have the right teams in place to reach our full potential," he added. "We continue to be market leaders. We hold the number one spot in terms of worldwide sales across several of our car brands including Mitsubishi, Bentley, Bugatti and McLaren. UAE Sales of overall Mitsubishi vehicles accounts for 60 per cent of GCC sales, and the Mitsubishi Pajero remains the UAE's top-selling car."
In addition, Al Habtoor Group's hotels division saw revenue expand 23 per cent in the first nine months of 2015. Al Habtoor Group has witnessed significant change within its hospitality unit, adding further international brands to its growing portfolio and repositioning its Dubai assets by teaming up with well-known international brands. The local assets include The Waldorf Astoria Dubai Palm Jumeirah; The Habtoor Grand Beach Resort & Spa, Autograph Collection, a franchise of Marriott International; and the recently opened St. Regis Dubai at Al Habtoor City - a new landmark in Dubai.
The group also reported a jump in revenue at its real estate division of nearly five per cent for the first nine months of the year. Expanding on its real estate business, the Al Habtoor Group is also developing Oasis Villas, a residential complex located behind the new Metropolitan on Sheikh Zayed Road - due for completion in early 2016. The car rental unit of the Al Habtoor Group, Diamondlease, also marked steady growth in the first nine months of 2015.
Al Habtoor Group operates two international schools in Dubai - Emirates International School Jumeirah and Emirates International School Meadows. Both schools achieved exceptional results in 2015, with graduating students being offered places in prestigious universities around the world including MIT, London School of Economics, King's College London, University of California (Berkeley), Stanford, and others.
- business@khaleejtimes.com