UAE’s Al Habtoor plans $1.4bn commercial tower in Dubai
Emirati billionaire Khalaf Al Habtoor plans to invest AED5 billion ($1.4 billion) in building a commercial tower within Al Habtoor City in Dubai.
“Our decision to move forward with this investment reflects our deep confidence in the UAE and in Dubai in particular,” Al Habtoor, the founding chairman of Al Habtoor Group, said in a statement.
The announcement follows a two-week ceasefire agreement between the US and Iran and a pledge by Tehran to reopen the Strait of Hormuz during that period.
The UAE defence ministry said it had not detected any ballistic missiles, cruise missiles or drones launched from Iran on Thursday. Since the onset of Iranian attacks, the country’s air defences have engaged 537 ballistic missiles, 26 cruise missiles and 2,256 drones.
The commercial tower will be built on Sheikh Zayed Road. No project details or construction timeline were disclosed.
The project launch is part of a series of developments that the group plans to unveil across Dubai and Abu Dhabi within its expansion strategy, the statement said.
AGBI reported last week that Dubai developers had started offering discounts and flexible payment terms to draw investors towards off-plan homes. Within the first two weeks of the war, property companies began shaving prices as much as 10 percent, hoping to sway buyers.
Further reading:
- Why Dubai property flipping is becoming trickier
- Al Habtoor scraps Lebanon TV channel after physical threats
- War tests Dubai’s off-plan property market
In February Al Habtoor Group announced plans to invest billions of dollars into new projects in Syria to support economic recovery in the conflict-battered Arab nation.
Al Habtoor Group said in January that it would pursue legal action against the Lebanese government, the latest episode in a long-running saga between the conglomerate and the crisis-hit country, where the group is one of the largest foreign investors.
Khalaf Al Habtoor revealed plans in June 2025 to list the hospitality arm of his family conglomerate on the Dubai Financial Market.
Established in 1979, Habtoor Hospitality is the Middle East’s longest-established hospitality group. The division oversees seven domestic hotels and seven international properties.
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