UAE-based businessman Khalaf Ahmad Al Habtoor has announced that he wants to replicate his Al Habtoor City mega project - currently taking shape in Dubai - in Egypt.
Al Habtoor City is a multi-use development incorporating three five star hotels - St Regis, W hotel, Westin - three high-rise luxury residential towers complete with 11 ultra-luxury penthouse apartments, multiple restaurants, bars and shops, and a specially choreographed water-themed Franco Dragone Entertainment Group theatrical production.
Al Habtoor, chairman of conglomerate Al Habtoor Group, said he is heading to Egypt in the coming days to study potential business opportunities there.
Al Habtoor said he is conducting feasibility studies in the automotive, real estate and hospitality sectors.
He said: “It is my hope to build Al Habtoor City in a prime location in Cairo. This will be of great benefit to the country’s economy, and will also provide thousands of jobs.”
Al Habtoor City, currently under construction in Dubai, employs around 8,000 people. Once complete, it will also provide a further 3,000 jobs.
Al Habtoor added, “Thousands of families in Egypt would benefit from a project like this, as most of the jobs would be recruited locally.”
The purpose of the trip to Egypt is to visit to the American University in Cairo (AUC), where Al Habtoor will make a new philanthropic announcement.
He is a long-term supporter of the campus and in 2010 he donated a football and track stadium in his name at the Cairo campus.For all the latest banking and finance 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.
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