Al Habtoor Group, a well-rounded conglomerate based in Dubai, will invest Dh9.5 billion in three new projects and construct the apartment skyscraper with the most units in the world.
Al Habtoor City’s first project, according to Khalaf Ahmad Al Habtoor, founder, and chairman of the company, includes residential towers, one of which is the biggest in the world. The construction of it will cost 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.
The number of apartments in the skyscraper was not made public by the developer, nevertheless.
The second real estate venture will be constructed at Jumeirah Beach Residence and will cost Dh2.5 billion (JBR).
The Habtoor Tower in Marina is being restored as part of the third project, which will cost Dh2.5 billion.
The group has business holdings in the hospitality, auto, leasing, real estate, publishing, and educational sectors.
The group will use internal resources to fund the new initiatives.
In the first half of 2022, the privately held, globally diversified business conglomerate with headquarters in the UAE recorded revenue growth of 19% and EBITDA growth of 36%. (earnings before interest, taxes, depreciation, and amortization).
The chairman of the Al Habtoor Group continued by saying that Dubai in particular, as well as the UAE in general, has always been a safe haven for people of many 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.