Dubai billionaire hotel to decide on IPO early next year

23 November 2021


 Dubai hotel tycoon Khalaf Al Habtoor will decide on his firm's listing in the next three to four months, amid a series of business moves by the emirate to take family businesses public.

Al Habtoor Group's founding chairman told Bloomberg TV on Tuesday that the company will list the entire group of companies or each of its divisions "one by one." The Dubai government "encourages everyone and that's great," he said.

The billionaire told Arabiya TV last week that the company could place a 30% or 35% stake, possibly in the third quarter of next year. The announcement comes amid a series of reforms at the Dubai Stock Exchange aimed at boosting liquidity, including encouraging local companies to go public.

Al Habtoor owns hotels in Dubai, including the Waldorf Astoria on the artificial island of the Palm Jumeirah, as well as car dealerships, residences and schools.

Al Habtoor said business is going well. This reflects a broader rebound in Dubai, where property sales are at a ten-year high and hotel occupancy is above 2019 levels. Expo 2020, one of the largest in-person events in the world since the pandemic, is attracting both residents and visitors fleeing the new restrictions.

"We can see the light not at the end of the tunnel, but beyond it," Al Habtoor said. “There have been huge improvements across all of our sectors. We are doing very, very well.”

Source: Bloomberg

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