Al Habtoor Group LLC, controlled by billionaire Khalaf Al Habtoor, postponed an initial share sale because it didn’t see sufficient opportunities to invest the proceeds and may consider reviving the plan in 2014.
“We didn’t find an opportunity that would give us good return to give shareholders,” Al Habtoor said in a Dec. 23 interview at his office in Dubai. “We looked at safe markets, like Germany and Britain and we found that in the areas we know, there is nothing but recession.”
The company will rely on cash from operations to fund projects including a new skyscraper with more than 800 luxury apartments on a canal in Dubai, he said. Construction of the tower will start in late 2013 or early 2014 and is set to be completed two years later. He said a decision hasn’t been made on whether the 800 homes would be rented or sold.
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