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The well-diversified conglomerate Al Habtoor Group in Dubai will invest 9.5 billion dirhams in three new projects, as well as build the world's largest tower by the number of apartments.
Khalaf Ahmad Al-Habtour, founder and chairman of Al Habtoor Group, said that the first project, located in the city of Al-Habtour, includes residential towers, one of which is the largest in the world. It will be built at a cost of 4.5 billion dirhams.
«It is a community catering to all lifestyle needs, with over 20 amenities including a panoramic infinity pool overlooking the magnificent Dubai skyline», Al Habtour added.
However, the developer did not disclose how many units will be in the tower.
The second real estate project will cost 2.5 billion dirhams and will be built next to the Habtoor Grand Resort in Jumeirah Beach Residence (JBR).
The third project involves the reconstruction of the Habtoor Tower in Marina at a cost of 2.5 billion dirhams.
The Group has interests in hospitality, automotive, vehicle leasing, real estate, education and publishing.
The Group will finance new projects from internal sources.
The UAE-based private diversified business conglomerate reported revenue growth of 19% in the first half of 2022 and an increase in EBITDA of 36% (earnings before interest, taxes, depreciation and amortization).
