Latest news with #KhalafAlHabtoor
Middle East
5 days ago
- Business
- Middle East
OPEN// Cabinet denies PM's intervention in raising land price to UAE investor
CAIRO, July 10 (MENA) - Cabinet Spokesman Mohamed El Homsany has reaffirmed Egypt's deep welcome to Emirati nationals, both investors and visitors, highlighting that Emirati investors have pumped billions of dollars into the Egyptian economy, achieving remarkable success and unprecedented profits in their ventures. In a statement on Thursday, Homsany firmly denied reports alleging that Prime Minister Mostafa Madbouli intervened to raise the price of a plot of land that Emirati businessman Khalaf Al Habtoor intended to purchase in Egypt's North Coast from $10 million to $30 million. He clarified that inquiries were made with all government authorities holding jurisdiction over North Coast lands, and they all confirmed that they had not received any requests from Al Habtoor to acquire land. "This claim is entirely baseless and fabricated. Even if the businessman intended to purchase land from private citizens, why would the Prime Minister interfere to set a price?' El Homsany added. He stressed the rules governing land acquisition for investment, whether in the North Coast or elsewhere, are clearly defined by the relevant authorities and are not subject to any interference by officials. For his part, Khalaf Al Habtoor responded in a post on his X account, saying: "I followed with interest the statement issued by the Egyptian Cabinet regarding what was published about a plot of land in the North Coast offered to me for purchase. Unfortunately, what was relayed to me was exactly as I stated in my interview. We thank the Cabinet for this clarification," Habtoor said. "I am pleased to see the Egyptian State's keenness to transparently clarify facts, which reflects the strength of institutions and the clarity of laws and mechanisms in Egypt. I reaffirm my enduring affection and appreciation for Egypt and its people, and my belief in the positive prospects for cooperation and investment between us, built on mutual respect, transparency, and trust," he added. "Today's clarification sends a positive message that further strengthens my confidence that Egypt was a nation of institutions and committed to providing a fair, transparent, and open investment climate. I reiterate my thanks and wish Egypt continued success and progress under its wise leadership," the Emirati investor concluded. (MENA) M S H/M R E
Zawya
10-06-2025
- Business
- Zawya
Mideast factors to watch on June 10
Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks rise, dollar tentative ahead of US-China talks outcome * Oil up as market watches US-China trade talks * PRECIOUS-Gold falls as traders watch US-China trade talks in London * MIDEAST STOCKS-UAE shares end higher as outcome of US-China trade talks awaited * OPEC oil output rises in May but compensation cuts limit hike, Reuters survey finds * Iran to present counter-proposal to US, Trump says talks to resume UNITED ARAB EMIRATES * Etihad And Ethiopian Airlines Start Strategic Codeshare Partnership * Emirati businessman Khalaf Al Habtoor to visit Syria to explore investment opportunities, group says * Emirates NBD Partners With Siemens To Boost Financing For Green Infra Projects SAUDI ARABIA * Saudi crude oil supply to China to dip in July, sources say * Saudi Arabia's first-quarter GDP grows by 3.4%, beating flash estimates ISRAEL * Bank of Israel MPC voted 5-0 to hold rates over inflation concerns * UN says most flour delivered in Gaza looted or taken by starving people * Italy and Israeli Paragon part ways after spyware affair IRAN
Zawya
10-06-2025
- Business
- Zawya
Dubai conglomerate Al Habtoor eyes investments in Syria
Dubai-based Al Habtoor Group is looking to invest in Syria as the country moves forward with reconstruction and economic recovery. The company's founding chairman, Khalaf Ahmad Al Habtoor, confirmed on Monday his plans to visit Syria in the coming days to explore potential investment and cooperation opportunities. The UAE entrepreneur will lead a high-level delegation of senior executives from Al Habtoor Group, a diversified business with interests in the hospitality, automotive, car leasing, real estate, education and publishing sectors. 'Syria is a country rich in culture, history and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' said Al Habtoor. He said the company looks to Syria 'with great confidence,' citing the energy and resilience of its citizens. 'As an Arab group with regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.' Prior to the businessman's visit, a team of senior officials from the company will arrive in Damascus to conduct preliminary exploratory studies and meet with relevant authorities. (Writing by Cleofe Maceda; editing by Seban Scaria)
The National
09-06-2025
- Business
- The National
UAE's Al Habtoor Group explores investment opportunities in Syria
The billionaire Emirati entrepreneur Khalaf Al Habtoor is heading to Syria to explore new investment opportunities as the country opens up its economy following the lifting of US and EU sanctions. The founding chairman of the Dubai-based conglomerate Al Habtoor Group will lead a delegation of senior executives from the company to the war-ravaged Arab nation in the coming days, Al Habtoor Group said in a statement on Monday. 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' Mr Al Habtoor said. The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year. The estimated cost of reconstruction of the country, including critical road infrastructure, ports, aviation facilities and housing, will be somewhere between $250 billion and $500 billion, according to experts. In a recent interview with Wam, Mohammad Al Shaar, Syria's Minister of Economy and Industry, estimated the total cost of reconstruction at $1 trillion. 'As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,' Mr Al Habtoor said on Monday. The move come as Gulf countries as well as Turkey announce new investments in Syria after US President Donald Trump announced the removal of sanctions on the country last month during his Gulf visit. Dubai-based DP World is among the regional companies that have taken the lead in Syrian investments, with an $800 million deal to develop the port of Tartus. A consortium of companies from Turkey, Qatar and the US have also committed to invest $7 billion in Syria's energy sector to build new power plants to help the country overcome power shortage. Saudi Arabia and Qatar also paid $15.5 million to the World Bank to clear Syria's arrears and pave the way for Washington lender's support for Damascus. The UNDP is also planning to support Syria with $1.3 billion in funding over three years to rebuild its infrastructure and back digital start-ups. Set up by Mr Al Habtoor in 1970, Al Habtoor Group is active in multiple sectors, including hospitality, automotive, real estate, education, insurance and publishing, in the UAE and in international markets such as London, Vienna, Budapest, Beirut and the US. Earlier this year, Mr Al Habtoor said he would cancel all planned investments in Lebanon due to lack of security and stability in the country.
Arab News
09-06-2025
- Business
- Arab News
Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government. According to a statement, the visit reflects the group's ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. It added that the trip stems from 'a firm belief' in Syria's ability to recover its strength and regional standing and the importance of public-private partnerships in the country's rebuilding phase. The move comes as Syria's transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. Speaking ahead of the trip, the group's Chairman Khalaf Ahmad Al-Habtoor said: 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.' He added: 'We look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.' Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization's recent withdrawal from Lebanon, where it cited instability as a barrier to business.
