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FINANCIAL NEWS
Al Habtoor mulls modifying Dubai property
01 Dec 2011
(MENAFN) Khalaf Al Habtoor, chairman of Dubai’s giant conglomerate Al Habtoor Group, unveiled plans to replace its Metropolitan Hotel for a new hotel project, Arabian Business reported.
He said that the group mulls including a museum, theatre or mall on the site of the Sheikh Zayed Road hotel and may announce its new project in January.
The conglomerate said in October it would make several project announcements before year-end, one of them unveiled in the same month was resuming work on a USD272.2 million hotel project on the Palm Jumeirah., expected to finish by 2013.
It is worth mentioning that Al Habtoor Group is a holding company operating in construction, hospitality, automotive and real estate
In 2007, Al Habtoor sold a 45 percent stake to Australia’s Leighton Holding for USD707 million.
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