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Dubai’s Habtoor Group launches $547 mln project as IPO considered

The new developments include a hotel, an upmarket residential development and a polo centre

Published: Updated:

Dubai-based conglomerate, Al Habtoor group, announced a series of new projects worth more than 2 billion AED ($547 mln) as prospects for an initial public offering were being considered, the UAE-based The National reported on Tuesday.

“I am delighted to be unveiling today the plans for these magnificent projects, which will be major new landmarks in Dubai and play a key part in delivering continued growth both for the UAE and for ourselves,” Khalaf Al Habtoor, chairman and founder of the hotels, property and motor group, said.

The new developments, which include a hotel, an upmarket residential development and a polo centre, do not depend on IPO financing, Al Habtoor said.

“We can fund these projects through cash flow and a small amount of local bank finance,” Al Habtoor said.

The chairman also revealed that the group had been in talks to buy three of London’s top hotels including the Berkeley, Claridge’s and the Connaught.

“The deal is off,” he said, after the owners, the property and media tycoons Sir David and Sir Frederick Barclay, decided not to sell.

However, Al Habtoor confirmed that the group is due to conclude a deal to purchase the Abraham Lincoln hotel in Springfield, Illinois.

During the interview, Al Habtoor said that the new projects are part of what he called the “aggressive growth plan” of recent years.