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Sun 5 Jun 2016 02:10 PM

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Al Habtoor Group rethinking IPO plans, says CEO

Mohammed Al Habtoor says “all documents ready” for long-proposed listing, first mooted in 2000

Al Habtoor Group rethinking IPO plans, says CEO
Mohammed Al Habtoor, CEO of Al Habtoor Group. Image: Habtoor.com

Al Habtoor Group, one of Dubai’s largest family conglomerates, is moving closer to an initial public offering (IPO), its chief executive has said.

“We have all the documents ready, all that we need to do is to update all the information” to include revenue from the recently completed Al Habtoor City project, Mohammed Al Habtoor told Bloomberg.

The group, which has interests in property, hotels, construction and car dealerships, has been considering going public since 2000.

In 2012, chairman Khalaf Al Habtoor put plans for a $1.6 billion flotation on the Nasdaq Dubai on hold.

In 2014, local media reported that Al Habtoor Group was planning for a sale of 30 percent of the company in the first half of last year.

Mohammed Al Habtoor also said that the group is considering further acquisitions in European cities, as well as developing property in Eastern Europe.

In February, Al Habtoor Group paid $79 million to acquire the Hotel Imperial in Vienna, bringing the firm’s portfolio of hotels to 14.

In Dubai, the group’s assets include the Habtoor Grand Beach Resort & Spa and the Waldorf Astoria Palm Jumeirah.

It recently opened its first property in the Al Habtoor City complex, The St Regis Dubai. Two further properties on the same site will open in the coming months, the W Dubai and The Westin Dubai.