- Despite COVID-19 fallout, 2021 witnessed better performance than pre-COVID times
- Hospitality’s year-to-date forecast for Q1 of 2022 registering a 43% increase over the same period in 2020.
Khalaf Ahmad Al Habtoor, Founding Chairman of Al Habtoor Group (AHG), one of the largest privately-owned business conglomerates in the MENA region, reported today a strong performance for the first ten months of 2021, with revenues for the year expected to soar at an average of growth of 37 per cent compared to 2019.
Earlier in March, Al Habtoor forecasted a healthy UAE economic growth in 2021 and is pleased that the results have exceeded his expectations. The World Bank has projected real GDP will average 3.4 per cent between 2021 and 2023.
Al Habtoor said, “All sectors of the economy are faring well due to one of the highest vaccination rates in the world, rebound in tourism, and activities related to the major events and conferences held in the country. And I believe this will continue in the coming years, supported by the strategic vision to stimulate the economy. Events like the COP28 climate conference in 2023, the ‘Retire in Dubai’ campaign and many other initiatives reinforce the positive outlook for our economy.
He added: “As a diversified Group, we have seen this reflected in all the sectors in which we operate. Al Habtoor Motors, our automotive division, maintains its number one distributor position for Bentley and Mitsubishi, with double-digit revenue growth. The Group’s car leasing business, Diamondlease, increased its fleet by more than 20 per cent in 2021 to reach more than 12,000 vehicles, with 90 per cent utilization.
“All our hotels in the UAE are performing exceptionally well. And Hospitality’s year-to-date forecast for Q1 of 2022 registering a 43 per cent increase over the same period in 2020.
“Emirates International School-Jumeirah, one of only a handful of schools worldwide to offer all International Baccalaureate Programmes, is celebrating its 30th anniversary this academic year, offering excellence in education to more than 3,680 students in both branches.”
He concluded: “This good performance in 2021 is only the beginning. I am expecting a great year ahead in 2022, as the numbers are showing.
“The UAE’s success is down to the excellent crisis management, the collaboration between the private and public sectors, as well as a united, determined community across the board, focused on the future.
“As a Group, we operate in several destinations around the globe, but more than 80 per cent of our investments are in the United Arab Emirates. My belief is stronger than ever, that the UAE is the haven of the world for investors, businesses and those looking to offer a safe and stable life for their families. I am proud of the UAE’s achievements; the land of opportunities.”