Al Habtoor Plans to Spend $545 Million on Dubai ProjectsZainab Fattah
The Dubai company controlled by billionaire Khalaf al Habtoor plans to build two hotels, 74 homes and a polo club in the city to capitalize on the booming property market.
Al Habtoor Group LLC, which is already constructing three hotels with 1,600 rooms on Dubai’s main road, will spend 2 billion dirhams ($545 million) on the new projects, the company said at a press conference today.
Al Habtoor has been increasing its hotel supply in a city where the 77.8 percent occupancy rate is among the highest in the world. The company, which is also a distributor of Bentley and Bugatti autos, has been considerig an initial public offering for at least a decade but no decision has been made, Chairman Khalaf al Habtoor said. The group is investing 15 billion dirhams in Dubai on projects to be completed by end of 2017.
The polo resort and club will include 136 hotel rooms and 162 bungalows. The project, to be finished 2017, will also include a polo academy and a riding school with 500 horses. Another hotel, a 4-star Metropolitan with 334 rooms, will be built after the company demolished one it built in 1979, he said.
Al Habtoor is working on a residential development in Jumeirah, where foreigners aren’t allowed to buy property. The 74 villas and townhouses will be leased out, the chairman said. The company’s other residential rental projects are almost fully occupied, he said.