(MENAFN- Khaleej Times) Al Habtoor Group on Tuesday announced three new mega projects worth Dh2.01 billion in Dubai.
Khalaf Ahmad Al Habtoor at the press conference in Dubai on Tuesday. - KT photo by Eman Ali Al Shamali
Group chairman Khalaf Ahmad Al Habtoor, at a news conference, launched the Dh993 million Polo Resort & Club, and a four-star hotel and a residential community worth Dh1.02 billion.
The founder and chairman said that work is already underway on all the-new developments. Al Habtoor confirmed that new projects are being funded primarily from the firm's cash flows and some part is being financed through local institutions. "We have secured 100 per cent of the financing," he added.
Located in Dubailand, the Al Habtoor Polo Resort & Club is due for completion in 2017 and will include a five-star hotel with up to 136 keys in addition to 162 luxury bungalows. In addition, there will be a polo club, a polo academy, and a riding school with 500 stables.
The polo project will be developed in phases, said Mohammed Al Habtoor, vice-chairman and chief executive officer of the group.
The CEO added: "The new Al Habtoor Polo Resort & Club will be a wonderful addition to the range of world-class facilities that both visitors and residents can enjoy."
The Metropolitan Sheikh Zayed Road marks the return of Al Habtoor Group's first hotel brand, which was opened in 1979 and demolished in 2012 to make way for Al Habtoor City near Dubai Downtown.
The new Metropolitan hotel will include the former Red Lion English pub and Don Corleone Italian restaurant. The four-star hotel will have 334 rooms and is due for completion in 2016. The chairman mentioned that he had promised to return the Red Lion pub when the Metropolitan closed.
"Today, I am delivering on that promise. I am not nostalgic, but I am conscious of what our customers want and I am confident that this new hotel will become a new destination in Dubai," he said.
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