Issue 141 (May - June)

p. 26 [‘Real Estate and Construction in the UAE’ starting min 17:35] He said that when he embarks on a new project he conducts careful planning to guarantee its success. He gave the example of what is possible in Dubai with the successful launch of Al Habtoor City and The Al Habtoor Polo Resort & Club. “Dubai doesn’t need any more real estate developments. It needs more projects like these to attract more people.” [‘Demand for new projects in the UAE’ starting min 19:12] Al Habtoor said that he rarely works with international banks nowadays, and says he prioritizes working with local banks in the UAE, “Unfortunately, international banks no longer provide the quality they used to as local banks are becoming very strong in comparison.” He added that global banking and financial crises have led to UAE banks putting measures in place to better protect customers, resulting in superior strategies and stronger business models than their international peers. [‘Strength of the UAE banking sector’ starting min 36:34] Al Habtoor said he will refrain from further expansion in the UAE for the time being given the Al Habtoor Group’s rapid expansion over the past few years. “We are taking time to breathe in the UAE to finish our existing projects. I am always open to investment opportunities abroad.” He said the Group will only consider international assets in the hospitality and commercial real estate sector. He said the Group’s strategy is to reinject profits back into the business to maintain the Group’s growth trajectory. [‘Expansion plans for the Al Habtoor Group’ starting min 07:24] He stressed the importance of continuation and succession planning, adding that an