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Emirati businessman Khalaf Ahmed Al Habtoor hopes to spend as much as $3 billion this year expanding his real estate and hotel businesses.
The chairman of Al Habtoor Group, which owns residential properties and hotels as well as car dealerships, said he was looking at certain markets in Europe, including Budapest and Slovakia, for expansion.
“We will invest about $2.8 billion to $3 billion this year,” Al Habtoor told Bloomberg Television.
Al Habtoor Group owns at least 14 hotels in its portfolio, including the Waldorf Astoria on Palm Jumeirah, the Cosmopolitan in the United Arab Emirates and the Hilton Al Habtoor City in Dubai. Its hotels abroad are in the UK, Lebanon and Hungary.
Al Habtoor noted that his business has improved during the pandemic due to Dubai’s handling of the COVID-19 outbreak. He noted that the real estate market in Dubai alone has attracted homebuyers from Asia and Arab countries more than its counterparts from Europe and Russia.
In December, the company unveiled plans to launch three large-scale residential projects in Dubai at a combined cost of AED9.5 billion ($2.6 billion). The projects will include residential towers, one of which is expected to be the largest in the world in terms of size and number of apartments.
“Dubai’s strong economic recovery in 2022 and high levels of development reaching new heights not seen before the COVID-19 crisis are encouraging factors, driving renewed engagement in the real estate sector and increased investment in new quality projects,” Al Habtoor said last month.
(Reporting by Cleofe Maceda; Editing by Seban Scaria)
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