Dubai’s Al Habtoor Group to invest Dh9.5 billion in new residential projects

Strong economic recovery in the emirate post the Covid-19 pandemic has been an encouraging factor to increase involvement in real estate, says the group's founder



Supplied photo
Supplied photo
by

Waheed Abbas

Published: Mon 26 Dec 2022, 1:05 PM

Last updated: Mon 26 Dec 2022, 2:54 PM

Dubai’s well-diversified conglomerate Al Habtoor Group will invest Dh9.5 billion in three new projects, and will also build the world’s largest tower in terms of the number of apartments.

Khalaf Ahmad Al Habtoor, founder and chairman of Al Habtoor Group, said the first project, located in Al Habtoor City, includes residential towers, with one of them being the largest in the world. It will be built at a cost of Dh4.5 billion.

“It is a vertical community that caters to all lifestyle needs, with over 20 amenities, including a panoramic infinity pool overlooking the magnificent Dubai skyline,” added Al Habtoor.

However, the developer did not disclose how many units the tower will have.

The second real estate project will cost Dh2.5 billion and will be built near the Habtoor Grand Resort in Jumeirah Beach Residence (JBR).

The third project involves the re-development of the Habtoor Tower in Marina at a cost of Dh2.5 billion.

The group has interests in hospitality, automotive, vehicle leasing, real estate, education and publishing sectors.

The group will finance the new projects through internal sources.

The UAE-based privately-owned diversified business conglomerate reported a growth of 19 per cent in revenues in the first half of 2022, and a 36 per cent increase in EBITDA (earnings before interest, taxes, depreciation, and amortisation).

The Al Habtoor Group Chairman added that the UAE in general, and Dubai in particular, has always been a safe haven for a multitude of nationalities.

Strong economic recovery post-pandemic in Dubai was one of the encouraging factors “to be involved again in the real estate sector and increase investments in new quality projects", Al Habtoor concluded.

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