14 September 2005

DUBAI -- The Al Habtoor Group, a Dubai-based business conglomerate, will invest Dh6 billion for various projects in Dubai within the next two years apart from its various new and upcoming projects going on in the emirate.

This was announced yesterday by Khalaf A Al Habtoor, chairman of the group in a Press conference held at the new Habtoor Grand Resort & Spa, Jumeirah beach and adjacent to Dubai Marina constructed at a cost of Dh713 million.  

The chairman also told the Press that the group has invested more than Dh2 billion for the upcoming Habtoor Grand Tower and conference centre at Shaikh Zayed Road, which will have 50 storey twin towers, a hotel tower with 1000 rooms and an office tower with total 1.5 million square feet leasable area. The other which has worth Dh6 million is the Palm Jumeirah Resort and Spa which will be completed in 2008.

In the last few years, the Group invested hundreds of millions of dollars in developing new projects in Dubai.

When asked  about diversifying business in the near future, he told Khaleej Times: " Habtoor group is known for its businesses in hotels, automobile dealership, construction, education, real estate, and we are investing and concentrating in these sectors as we believe in growth which is parallel to the development of the nation."

"The entrepreneurial growth of the company has been based on astute investment policies and meticulous strategic planning," he added.

Regarding future projects and plans, the chairman revealed, "The Habtoor group will build one of the biggest hotels in Dubai and we are planning for Initial Public Offering (IPOs) in the near future after assessing the growth of the companies which are more than five years old and more profit making and stable."

The projects under construction are the Al Habtoor office tower at Dubai marina with a total investment of Dh 335 million, and will be 35 storey high with a total letable area 229,097 square feet of quality office space. It will be opened in April 2007.

At present, Al Habtoor Group prides in its various divisions, namely Habtoor Hospitality, Al Habtoor Motors, DiamondLease, Al Habtoor Engineering Enterprises, Emirates International Schools, Al Habtoor Publishing and Al Habtoor Real Estate.

BY MOUSHUMI DAS CHAUDHURY

© Khaleej Times 2005