UAE’s Al Habtoor to speculate $3bln for growth, eyes European markets

UAE businessman Khalaf Ahmed Al Habtoor is trying to spend as much as $3 billion this 12 months to increase his actual property and lodge enterprise. 

The chairman of Al Habtoor Group, which owns residential properties and lodges, in addition to automobile dealerships, stated he’s taking a look at sure markets in Europe, together with Budapest and Slovakia, for growth. 

“We’re investing round $2.8 billion to $3 billion this 12 months,” Al Habtoor informed Bloomberg TV. 

Al Habtoor Group has at the least 14 lodges in its portfolio, together with Waldorf Astoria on the Palm Jumeirah, Metropolitan Lodge and Hilton Dubai Al Habtoor Metropolis within the UAE. Its lodges overseas have presence within the UK, Lebanon and Hungary. 

Al Habtoor famous that his companies have picked up in the course of the pandemic, due to Dubai’s dealing with of the COVID-19 outbreak. He famous that Dubai’s property market alone has been attracting property patrons from Asia and Arab international locations, which have outnumbered their friends from Europe and Russia. 

Final December, the corporate unveiled plans to roll out three enormous residential tasks in Dubai with a complete value of AED 9.5 billion ($2.6 billion). The tasks will embrace residential towers, with one among them anticipated to be the most important on this planet when it comes to measurement and variety of flats. 

“The robust financial restoration in Dubai in 2022 and the excessive improvement ranges which have reached new heights not even witnessed earlier than the COVID-19 disaster have been encouraging components to be concerned once more in the true property sector and enhance investments in new high quality tasks,” Al Habtoor stated final month. 

(Reporting by Cleofe Maceda; enhancing by Seban Scaria) 

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