Al Habtoor Group launches US$3b Dubai project

[DUBAI] Family-owned Dubai conglomerate Al Habtoor Group said yesterday that it was launching a US$3 billion real estate development in the emirate that would include 3,000 hotel and residential units as well as a water-themed theatre.

The group - whose operations span the hospitality, construction, education and automotive sectors - said it expected about 20,000 people would visit Al Habtoor City every day.

Chairman Khalaf Al Habtoor told reporters that the group would use its own resources to finance the project, which would be completed by 2016. "We are capable of financing this. But if banks are interested, then we are happy to talk to them," he said.