Al Habtoor Group (AHG), a company located in Dubai, has announced intentions to build three enormous residential complexes for a combined AED9.5 billion ($2.59 billion) in 2023.
"The new projects include residential buildings, and one of them will be the greatest in the world in terms of size and quantity of units," said Khalaf Ahmad Al Habtoor, founding chairman of the Al Habtoor Group.
"Dubai's strong economic recovery in 2022 and the development levels that have increased to new heights not even seen before the COVID-19 crisis, were encouraging aspects to be involved again in the real estate market and expand investments in new quality projects," he continued.
The first development contains residential buildings, one of which is the biggest in the world and is situated in Al Habtoor City. The complex is a crucial location for entertainment and hospitality. This project will have a construction budget of AED 4.5 billion. Al Habtoor continued, "It is a vertical community that meets all lifestyle requirements with over 20 amenities, including a panoramic infinity pool overlooking the spectacular Dubai skyline.
He described the second project as being "a distinctive residential construction project costing AED 2.5 billion in JBR's Habtoor Grand Resort. This development will have first-rate amenities and picturesque views of the city and coastline of Dubai."
According to Al Habtoor, the third project is: "Entails the renovation of Marina's Habtoor Tower. The AED2.5 billion project will entail the demolition of the existing Habtoor Tower and the construction of a considerably larger, ultra-luxurious residential tower with breathtaking views of the Dubai Marina to replace it."
Al Habtoor emphasized the internal financing of the expanding portfolio. "AHG feels that these expansion projects are both essential and a crystal clear illustration of the ambition of the country's leadership, leading to an unprecedented rate of growth for the UAE economy,"
"The United Arab Emirates, and Dubai in particular, have always been safe havens for a variety of nationalities, and we consider it as safer than ever with all the advancements making it the best place globally for investment and good returns," he continued.
One of the most reputable and prosperous companies in the UAE is the Al Habtoor Group, which was established in 1970. In addition to the UAE, it also conducts business in Illinois, London, Vienna, Beirut, and Budapest. It has thousands of highly skilled, seasoned individuals working for it.
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