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Al Habtoor to build AED 2b tower in Business Bay
- May 31, 2006, 11:31 am
UAE-based diversified business group Al Habtoor yesterday unveiled a plan to build a 100-storey tower in Business Bay, a new commercial district of Dubai.
The tower will cost Dh2 billion to build and include a boutique hotel and residential units as well as offering commercial office space, Al Habtoor group chief executive Mohammad Al Habtoor told Gulf News.
He said the project’s final investment figure will be determined after the completion of design work.
“A project like this will cost around Dh2 billion. We will have the design ready in mid-2007. The project will take over three years to complete,” Al Habtoor said, adding that it will be a city landmark.
“We want to build something unique. We are trying to establish something great,” he said, without revealing further details.
The Business Bay tower will create 700,000 square feet of office space.
Al Habtoor is investing Dh300 million in another commercial tower in Dubai Marina.
Located opposite the Al Habtoor Grand Hotel, the 40-floor Al Habtoor Business Tower will create 230,000 square feet office space.
Explaining the rationale behind launching high-rise buildings, the Al Habtoor chief executive said: “Land is very expensive in Dubai and to get returns on investments you have to go vertical.”
Al Habtoor’s current big projects in Dubai include a Dh750-million tropical-themed resort on the Palm Jumeirah Island.
“We are working on the design. We are waiting for the Palm infrastructure to be completed,” Al Habtoor said. The company is waiting for access to the Palm for its contractors.
“We are expecting these answers soon,” Al Habtoor said.
The company also hopes to venture into Abu Dhabi’s growing hospitality industry by building a luxury hotel.
“We have already approached the government. As soon as we find land in a proper area, we will start a hotel in Abu Dhabi,” he said.
Speaking at a press conference organised to mark the group’s 35 years in business, chairman Khalaf Al Habtoor said the company was planning new investments in Britain to boost its interests there.
“We have a huge plan to expand our investment in the United Kingdom. It may not be in hospitality, but in another less-risky business,” he said.
The company has initial plans to spend $500 million on buying office buildings and acquiring companies.
Al Habtoor will also use Britain as a base to enter other European markets.
Source - Gulf News
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