According To The Founder Of The Organization, The Emirate’s Robust Economic Recovery Following The Covid-19 Pandemic Has Been A Motivating Factor For Growing Real Estate Involvement.
Al Habtoor Group, a well-rounded conglomerate based in Dubai, will invest Dh9.5 billion in three new projects and construct the residential skyscraper with the most units in the world. Al Habtoor City’s initial project, according to Khalaf Ahmad Al Habtoor, founder and chairman of the company, comprises residential towers. One of which is the largest in the entire world. The construction of it will cost Dh4.5 billion.
With over 20 facilities, including a panoramic infinity pool with a view of the stunning Dubai skyline. It is a vertical community that meets all lifestyle demands, continued 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 renovated as part of the third project, which will cost Dh2.5 billion. The firm has business holdings in the hotel, car, 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. According to Al Habtoor, one among the motivating causes “to be active again in the real estate market and boost investments in new quality projects” was Dubai’s robust economic recovery following the epidemic.