Dubai hotel mogul Khalaf Al Habtoor said his companies are “bleeding” because of the coronavirus pandemic and the economy can’t wait for a vaccine to become available before major activity resumes.
The billionaire, who owns seven hotels in Dubai, including the Waldorf Astoria on the man-made island Palm Jumeirah, as well as car dealerships, residential properties and schools, said his group hasn’t yet cut jobs in the hope that global lockdowns would be rolled back by July, allowing tourists to return to the Middle East hub.
