Al Habtoor Group said it would it would be launching a USD 3 billion real estate development in Dubai. According to the family-owned Dubai company, they would be using their own resources to construct 3,000 hotel and residential units and a water-themed theater. Chairman Khalaf Al Habtoor told reporters that they would still welcome banks that wish to partner with them. "We are capable of financing this. But if banks are interested, then we are happy to talk to them," he said.
Al Habtoor City is set to be finished in 2016. The new development would comprise three residential towers that would have 1,460 luxury apartments. Starwood Hotels & Resorts would operate the three hotels in the development. The hotels would have 11 penthouses with two VIP penthouses. The penthouses would have private garden terraces, Jacuzzi and swimming pool.
Last year, Al Habtoor planned to raise USD 1.6 billion in an IPO but did not push through with the plan. Chairman Al Habtoor said they had no intentions of reviving the share sale this year.
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