Khalaf Al Habtoor Chairman of Al Habtoor Group met today with executives from HSBC bank at the group’s head office on Al Wasel Road.
Stuart L Grant – Global Head of Corporates was accompanied by Tim Reid – Regional co head of global banking, Ahmed Abdelaal – Head of corporate banking and Khurram Butt – Manager Corporate banking.
Al Habtoor and Grant discussed the global and local economic situation. Al Habtoor expressed his delight following the green light given by The Abu Dhabi Executive Council to go ahead 3 major landmarks in the UAE’s capital, the Louvre, Guggenheim and Sheikh Zayed Museums.
The recent announcement, which constituted great news for the region, came few days after Al Habtoor Group unveiled its most recent local investment, the massive AED 4.875 Billion (USD 1.34 billion) hotel complex development on Sheikh Zayed Road.
“Both these news are harbingers of the stability returning swiftly to the Emirates. It endorses my belief and repeated cries to kick start all held up projects and invest in the Country, particularly in infrastructure and large projects to generate high employments and multiple economic benefit generation. Last year, Dubai Airports has set a new record by handling 51 Million passengers, a growth of over 6% as compared to year 2010, which only proves my point” commented Al Habtoor.
He added: “Such large ticket investments will act as a catalyst for others who are still undecided and perhaps stimulate their economic minds. The Banks will rethink their board room strategies and hopefully stop measuring all geographies and institutions with the same stick and commence to inject fresh liquidity into the economy. We have already seen this with some local and International banks and urge the others to follow. Such a step from the highest Executive Authority in the Emirates will also provoke the Sovereign funds to open their treasury to investments in the Country.”
Al Habtoor Group continues to grow with the UAE; it has grown a healthy 10% in 2011 over 2010 and projects a confident 15% growth in the year ahead.