Revealed: Dubai tycoon's view on local, global economies

Khalaf Ahmad Al Habtoor believes the Gulf will continue to provide 'a safe and welcoming environment for investments'
Revealed: Dubai tycoon's view on local, global economies
Khalaf Ahmad Al Habtoor. (ITP Images)
By Sam Bridge
Wed 28 Nov 2018 02:18 PM

Dubai tycoon Khalaf Ahmad Al Habtoor believes the Gulf will continue to provide "a safe and welcoming environment for investments" over the coming years.

In an outlook on the 2019 global economy, founding chairman of Al Habtoor Group, one of the largest privately-owned business conglomerates in the region, said he expected healthcare and education to be among the UAE's more promising sectors to invest in.

Al Habtoor expressed his confidence in the regional economic situation saying: “Prior to 2008, business was easier, and everyone’s trust was shaken. But the world has recovered stronger than ever, and we are seeing steady positive growth, which will extend to 2019, 2020 and beyond.

"The GCC provides a safe and welcoming environment for investments, healthcare and education being some of the more promising sectors in the UAE in particular."

He added: “Trillions of US dollar investments were recently announced at and around the Saudi Investment Conference which took place last month. Those will create massive economic growth in Saudi Arabia, its neighbouring countries and the world.

"Millions of news jobs will be created. That is in addition to Neom, the new Red Sea Project in Saudi Arabia, the massive developments taking place in the UAE ahead of Expo 2020, and across the GCC and Egypt.

“All of these projects will create an economic boost and massive opportunities for years to come. The multiplier effect will result in a gain 20 to 30 times of the initial investment."

On the global economy, Al Habtoor noted: “Despite news headlines showing the world in turbulence, 2018 was the start of the recovery, which will continue climbing thru 2019, and 2020 onwards", adding that “scare tactics and drama are more appealing on television, but figures give a more positive and realistic outlook.”

“We have been operating in the market for more than 48 years, we invest successfully in the Middle East, Europe and USA. As investors, we look for signs, and they are there,” he said.

He added that he also remained optimistic about the global powerhouse economies of the United States and China.

“I have always believed that the United States’ economy reflects on all the world. This time it is a positive light."

Al Habtoor said: “For the past five decades at least, we have witnessed ups and downs globally. This a cycle, the downtime has passed, it is now time to start on the upward trajectory. And as a diversified group, we are moving forward confidently, with new projects in the pipeline which will be announced soon.”

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