By Andy Sambidge
Chairman Khalaf Ahmad Al Habtoor says new project is 'exciting for company and Dubai as a whole'
Dubai conglomerate Al Habtoor Group said on Sunday it was preparing to announce plans for its biggest ever project.
Al Habtoor Group chairman, Khalaf Ahmad Al Habtoor, said the Group will be unveiling the mega-project in the next few weeks, without giving any further details.
Al Habtoor said in a statement: "What we have lined up will prove our continuous faith in the UAE economy and leadership. The project we are about to unveil is the biggest of its kind."
He added: "I truly believe the UAE is the only place in the world to invest, and this project will prove it. The announcement is very exciting for the Group and Dubai as whole. What we have planned is in conjunction with a government project. We can't wait to announce it to the world."
In April, Al Habtoor Group announced plans to build the first water-based theatre in the UAE.
The circular venue, centred around a pool with various diving boards, will be built in collaboration with Italian-Belgian theatre director Franco Dragone, renowned for creating Cirque du Soleil, and is due to open in 2016 at the $1.4bn Habtoor Palace complex on Sheikh Zayed Road.
The theatre will be part of the Metropolitan AED1.3bn ($354m) project featuring three new Starwood hotels, including the emirate’s first St Regis and W branded properties, due to open mid-2015.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
BREAKING NEWS just in.....
â€œTHERE IS NO NEWS, NOT A JOT, BUT WE THOUGHT YOU SHOULD KNOW THERE MIGHT BE SOME NEWS SOON
(if itâ€™s not put â€˜on holdâ€™ by the global financial crisis â€“ which by the way, is no fault of anyone here - but would be entirely down to those global troublemakers putting on hold the nonexistent news ) â€
News Media plays a major role in creating a 'HYPE' to instil confidence in an organisation.
If there was ever signs of Dubai Bubble Syndrome then press releases about future press releases being actually used as news stories is a good example.
How depressing? Very...
the theatre is going to be part of a US$ 1.4bn project which is part of a US$ 354m project??
A slow news days peeps?!
waw the heatred and ignorance is well showed in ur words neil.
Thats so typical for this Gentleman... Why is this website wasting space for a news which is no news? If he has something to announce he can wait until its the time to do so. But giving him space for a useless announcement seems like mutual ignorance...somewhat...
How about finding a solution for Dubai's failed projects.
Eh? I don't hate anyone, I live in and like Dubai! I have also been here for most of a decade and own property here.
I have genuine concerns we are seeing a repeat of the boom and busy cycle we all witnessed end in 2008, it did not do Dubai any good did it?
Or maybe we should all walk about like sheep?
You seem easily upset and looking for insults where there are none...
@Neil, It seems that it worked exceptionally well for some, first time around, so they are trying for seconds. Buying property in a tax haven, flipping them and sending profits overseas is a very popular financing vehicle for some groups. This means that the property boom will continue and a bust is unlikely to happen, unless international tax authorities forbid the transfer of cash made from profits on sale of foreign properties. This too is unlikely to happen due to the economic and political climate worlwide.
@Marwan, how did you figure "hatred and ignorance" in Neil's comment?
That's been done, they are all being wound up!