UAE-based conglomerate Al Habtoor Group (AHG) has announced plans to build three mega residential projects, with a total worth of $2.58bn (AED9.5bn), across Dubai in 2023.
The company’s founding chairman Khalaf Ahmad Al Habtoor said that the new projects include residential towers and one of them is expected to become the world’s largest tower in terms of size as well as number of apartments.
He added: “The strong economic recovery in Dubai in 2022 and the high development levels that have reached new heights not even witnessed before the Covid-19 crisis, were encouraging factors to be involved again in the real estate sector and increase investments in new quality projects.”
Located in Al Habtoor City, the first project includes residential towers and one of them is set to be the world’s largest tower. It will be constructed at a cost of $1.2bn (AED4.5bn).
Serving the hospitality and entertainment sectors, the complex will be a vertical community to cater to all lifestyles needs.
It will provide more than 20 amenities, including a panoramic infinity pool that will overlook the Dubai skyline, added Al Habtoor.
The second project, worth $680.5m (AED2.5bn), will be a ‘unique’ residential development that will be located at Habtoor Grand Resort in Jumeirah Beach Residence (JRB).
The $680.5m (AED2.5bn) third project will include re-development of the Habtoor Tower in Marina.
Under the project, the current Habtoor Tower will be replaced by an ultra-luxurious residential tower located in the heart of the Dubai Marina.
Al Habtoor stated that the new projects will be financed internally.
He also added: “AHG considers that these expansion projects are a necessity and a clear reflection of the Nation’s Leadership and vision resulting in a growth of the UAE economy at an unmatched pace by any other country.”