Dubai-based Al Habtoor Group (AHG) has unveiled plans to launch three large-scale residential projects in different parts of Dubai in 2023, with a combined value of AED9.5 billion (US$2.59 billion).
Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group, said: “The new projects include residential towers, one of which will be the largest in the world in terms of size and number of apartments.”
He added: “Dubai’s strong economic recovery in 2022 and its level of development reaching new heights not seen before the covid-19 crisis are encouraging factors driving re-engagement in the real estate sector and increased investment in new quality projects “
The first project is located in the city of Al Habtoor and includes residential buildings, one of which is the largest in the world. The complex is a premier destination for hospitality and entertainment. The construction cost of the project is AED 4.5 billion. “This is a vertical community that caters to all lifestyle needs, offering more than 20 amenities including a panoramic infinity pool overlooking Dubai’s stunning skyline,” added Al Habtoor.
The second project, he explained, is “a unique residential development at JBR Habtoor Grand Resort at a cost of AED 2.5 billion. The project will have excellent facilities and have beautiful views of Dubai’s coastline and cityscape.”
Regarding the third project, Al Habtoor said: “It involves the redevelopment of Habtoor Tower in Marina. The AED 2.5 billion project will include replacing the existing Habtoor Tower at the heart of Dubai Marina with a larger ultra-luxury residential tower. , with unparalleled views of the marina.”
Al Habtoor stressed that the expanded portfolio will be internally financed. “AHG believes that these expansion projects are necessary and clearly reflect the vision of the national leadership for the UAE’s economy to grow at a pace unmatched by any other country.”
He added: “The United Arab Emirates in general, and Dubai in particular, has been a safe haven for many countries and we see it is safer than ever, with all the improvements making it the best investment location globally and Attractive returns.”
Established in 1970, Al Habtoor Group is one of the UAE’s most respected and successful businesses. It operates in the UAE and in international markets, including London, Vienna, Budapest, Beirut and Illinois. It employs thousands of highly qualified and experienced professionals. – trade arab news agency