Dubai: UAE-based Al Habtoor Group plans to invest Dh2 billion in international acquisitions in 2016, most of which will be in hospitality, according to a statement on Thursday.
“I am always considering international growth, and looking for sound investments abroad. My focus is on Europe and the United States,” said Khalaf Ahmad Al Habtoor, the group’s chairman, in the statement.
The value of the company’s investments and expansion initiatives in Dubai currently stand at Dh12.5 billion.
Globally, Al Habtoor owns the InterContinental Budapest Hotel, the Hilton Beirut Habtoor Grand and the Hilton Beirut Metropolitan Palace. Last year, the group entered the US hospitality market, buying The President Abraham Lincoln Springfield, a DoubleTree by Hilton Hotel.
Al Habtoor’s local hotel assets include the Waldorf Astoria Dubai Palm Jumeirah, the Habtoor Grand Beach Resort and Spa, Autograph Collection, and the St. Regis Dubai at Al Habtoor City.
Next year, two other five-star hotels will open — The W Dubai — Al Habtoor City and The Westin Dubai, Al Habtoor City.
The group’s hotels division saw revenue expand 23 per cent in the first nine months of 2015 compared to the same period a year ago. Its international properties saw double digit revenue growth during the same period.
The group’s total revenue in the first nine months of 2015 grew 16 per cent compared to the same period a year earlier.
The real estate division’s revenue rose five per cent during the nine-month period compared to the same time in 2014. The group is developing Oasis Villas, a residential complex located behind the new Metropolitan on Shaikh Zayed Road, due for completion in early 2016.
The Al Habtoor Motors division saw revenue jump 17 per cent in the first nine months of this year. It sold 50,693 Mitsubishi vehicles from January to September.