Friday, Oct 07, 2011
Gulf News
Dubai The UAE government should go ahead with its infrastructure projects to bring more confidence to the market and energise the economy, Khalaf Al Habtoor, Chairman of the Al Habtoor Group, told Gulf News.
He said the government could accelerate the growth of the economy by finalising pending infrastructure projects.
Al Habtoor, a veteran businessman and former speaker of the Federal National Council, has criticised the government for not going ahead with infrastructure projects as it is an essential step to bring confidence to the market.
“The government seems very slow on infrastructure projects,” he said. “These should not be delayed but should be executed today, not tomorrow.”
He said this would bring confidence and certainty to the market, encourage more investments and boost the economy.
Al Habtoor urged Emiratis to invest in their country. Moreover, he said that the government’s investment funds should be focused domestically and that it should avoid foreign investment.
Poor investment
“Most of the investments outside the UAE have drastically failed, so the government fund, which is worth more than $100 billion (Dh367.3 billion) should be directed to local investments.
“The local investment in the UAE is very poor. We have great potential for investment across the emirates which should be the government and the UAE nationals’ main concern,” he said.
Al Habtoor also announced that his company would resume work on its Palm Jumeirah project.
The project was put on hold due to the world economic crisis in 2008. However, the encouraging business environment in the UAE has enabled Al Habtoor to resume construction.
“The UAE is a stable, safe country and since business activities are back to normal, it is the right time to go forward with business,” he said.
“The market prices are now cheaper as well as the value of building materials is quite competitive. Moreover, cranes would be back to [the] construction sites very soon.”
No support
However, Al Habtoor added that he felt the banks and financial institutions were very strict in lending and offered no support to business.
“It is really negative in the market. Banks should lend and support the projects to move the economic wheel,” he added.
Pointing to the improvement in the real estate market, Al Habtoor said: “The rental market is doing well in certain areas in Dubai but buying and selling is still weak and not stable.”
Al Habtoor’s wish is to announce two giant projects in the UAE very soon.
The group has already developed a business plan to penetrate the Libyan market.
zarina fernandes/Gulf News
Work to begin
Khalaf Al Habtoor, chairman and founder of the Al Habtoor Group, announces the Al Habtoor Group relaunch of its Palm Jumeirah Island hotel project.
agenda
Dh1b project resumes
Al Habtoor Group has announced it will resume construction on its Habtoor Island Resort and Spa project planned for the Palm Jumeirah, which is worth up to Dh1 billion. The hotel will have 330 rooms including 60 suites.
With the foundation laid and enabling works completed, construction is now set is to start soon and is expected to welcome its first guests before the end of 2013.
Khalaf Al Habtoor, chairman of the Al Habtoor Group, said: “We wanted to add something very special in this beautiful place and took our time to create this vision.”
“The situation is stable and we are witnessing constant growth in Dubai and in the UAE economy, which makes it the perfect time to re-launch this hotel project,” he added.
The resort will reflect both contemporary and traditional designs, creating pleasing and unique aesthetics. Not just a hotel but a lifestyle experience, it will combine contemporary elegance with unsurpassed quality in every sphere.
— Z.B.
By Zaher Bitar?Staff Reporter
Gulf News 2011. All rights reserved.
