Dubai-based Al Habtoor Group (AHG) has unveiled plans to carry out three huge residential projects, in various areas of the emirate, in 2023 with a total value of AED9.5bn ($2.59bn).
Khalaf Ahmad Al Habtoor, Founding Chairman of Al Habtoor Group, stated: “The new projects include residential towers, and one of them will be the largest in the world in terms of size and number of apartments.”
He added: “The strong economic recovery in Dubai in 2022 and the development levels that have reached new heights not even witnessed before the covid-19 crisis, were encouraging factors to be involved again in the real estate sector and increase investments in new quality projects.”
The first project is located in Al Habtoor City and features residential towers, with one of them being the largest in the world. The complex is a vital destination for hospitality and entertainment. The construction costs for this project will be AED4.5bn. Khalaf Ahmad Al Habtoor explained that: “It is a vertical community that caters to all lifestyle needs with over 20 amenities including a panoramic infinity pool overlooking the magnificent Dubai skyline.”
He explained that the second project is “a unique residential development in the Habtoor Grand Resort in JBR, with a cost of AED2.5bn. This project will boast exceptional amenities and scenic views of the Dubai coastline and cityscape.”
On the third project, Khalaf Ahmad Al Habtoor said: “It involves the re-development of the Habtoor Tower in Marina. The project, worth AED2.5bn, will consist of replacing the existing Habtoor Tower by a much larger and ultra-luxurious residential tower in the heart of the Dubai Marina with magnificent unmatched views of the Marina.”
He stressed that that the expanded portfolio will be financed internally. “AHG considers that these expansion projects are a necessity and a clear reflection of the nation’s leadership’s vision, resulting in a growth of the UAE economy at an unmatched pace by any other country.”