Emirati billionaire Khalaf Al Habtoor has announced plans to invest AED5 billion ($1.4 billion) in the development of a commercial tower within Al Habtoor City in Dubai.
“Our decision to proceed with this investment underscores our strong confidence in the UAE, and particularly in Dubai,” said Al Habtoor, founding chairman of Al Habtoor Group, in a statement.
The announcement comes in the wake of a two-week ceasefire agreement between the United States and Iran, alongside Tehran’s commitment to reopen the Strait of Hormuz during this period.
The UAE Ministry of Defence confirmed that no ballistic missiles, cruise missiles, or drones were detected as having been launched from Iran on Thursday. Since the escalation of Iranian attacks, the country’s air defence systems have intercepted 537 ballistic missiles, 26 cruise missiles, and 2,256 drones.
The planned commercial tower will be located on Sheikh Zayed Road, although further details regarding the project and its construction timeline have not been disclosed.
According to the statement, the project forms part of a broader pipeline of developments the group intends to roll out across Dubai and Abu Dhabi as part of its expansion strategy.
A report by AGBI last week indicated that Dubai developers have begun introducing discounts and more flexible payment plans to attract investors to off-plan properties. Within the first two weeks of the conflict, some property firms reduced prices by up to 10 percent in an effort to stimulate demand.
In February, Al Habtoor Group unveiled plans to invest billions of dollars in new projects in Syria, aimed at supporting economic recovery in the war-affected nation.
Earlier in January, the group also stated its intention to initiate legal proceedings against the Lebanese government, marking another chapter in its prolonged dispute with the crisis-hit country, where it remains one of the largest foreign investors.
In June 2025, Khalaf Al Habtoor disclosed plans to list the hospitality division of his family conglomerate on the Dubai Financial Market.
Founded in 1979, Habtoor Hospitality is the Middle East’s longest-established hospitality group, managing seven properties within the region and seven international hotels.
