Just a month ago, we noted that UAE-based Al Habtoor Group was looking to invest AED 2 billion in international acquisitions in 2016, most of which would be in hospitality. The group was considering expanding in Egypt on the condition that President Abdel Dattah Al-Sisi implement "investor-friendly" incentives.
Those plans seem to be moving apace. Khalaf Ahmad Al Habtoor, chairman of the Al Habtoor Group, told Al Arabiya TV Channel that he is considering a major new project in Cairo that would include three luxury hotels, and has submitted a proposal to the Egyptian President Abdel Fattah el-Sisi for the development.
The project, set to take up more than 800,000 square meters of land, is based on the Al Habtoor’s Group’s in-development Al Habtoor City project in Dubai, which has three luxury hotels next to three high-rise residential towers on the banks of the Dubai Water Canal.
“It would be a vibrant community in the heart of the city and new landmark in Cairo," Al Habtoor said. "It would provide much-needed jobs for the Egyptian people and would be a great boost to the city’s economy.”
The proposal for Al Habtoor City Cairo would incorporate three internationally branded hotels, three high-rise residential towers as well as several mid-rise residential apartment blocks, 204 luxury villas with an international school, a shopping complex, two polo fields and a golf course.
Al Habtoor said Egypt offers huge potential. “We have been studying the idea for some time. Egypt is ready for an investment of this scale.”
The first hotel within Al Habtoor City in Dubai, The St. Regis Dubai, opened late 2015. The two other hotels are scheduled to open in the first quarter of 2016 (W Dubai – Al Habtoor City, and Westin Dubai, Al Habtoor City).