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Al Habtoor Group to invest Dh2.5b for expansion

DUBAI — Khalaf Al Habtoor, Chairman of the Al Habtoor Group announced expansion plans of the group.

Al Habtoor Group has formulated strategic plans to expand all its subsidiaries. The total investment over the next two years would be Dh2.5 billion out of which Dh1.7 billion is already committed to several high-profile projects. One of these is the construction of a luxury resort on Palm Jumeirah, which will comprise a beach resort hotel and luxury residential buildings. Construction would commence by the end of 2007 and completion is expected towards end of 2009. Al Habtoor was one of the first to acquire a plot on the Palm Jumeirah, which is in a prime location on the crescent, facing Burj Al Arab. The resort would be managed under the umbrella of Habtoor Hotels.

AL Habtoor Group Real Estate has widened its portfolio by adding two new residential buildings during the current year. The latest acquisition is the building in the Emaar development Marina Walk. It is located strategically and directly along the water front and the yachting berths, adjacent to the Dubai Marina Phase I, and shares the marina retail area which includes foods courts, shopping stalls, themed restaurants and supermarkets.

The tower development of 33 storeys has a strategic angle location whereby most of the residential units face the water front and also offers a view of the Arabian Sea. The tower consists of 179 high residential units comprising one, two and three bedroom apartments in addition to penthouses and podium villas. The development also includes 5000 sq. ft. of retail space.