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The phenomenal growth rate of
the U.A.E. economy bears strong testimony of the vision
and far-sightedness of the people and Leaders of the
country complemented by their dedication and hard work.
The GDP growth of the UAE in the year 2004 reported at
10.5% is very impressive and directly attributable to
windfall oil revenues and record low interest rates, the
continuing boom in the Construction industry,
developmental expenditures in Public works, and Trade
& Financial sectors. The corresponding reported growth
was 7.1% in the year 2003 and 4% in year 2002.
It would be worthwhile to note that the GDP growth of Dubai
in the year 2004 was reported at an amazing 16.7%
(approximately AED 100 billion in monetary terms). The
accumulated annual growth of Dubai’s economy in the last
decade at 10% is reported to be among the highest growth
rate in the world. The gradual reduction of Dubai’s
dependence on oil revenue is a very positive sign that
will herald a golden era for Dubai, more so because oil
reserves in Dubai are limited and are expected to run
out within 20 years. The contribution of oil to the
Dubai GDP grew 10.9% in the year 2004 whereas the
corresponding growth of the non-oil sectors was 17% in
the GDP contribution. Oil contributed 6% to Dubai’s GDP
in the year 2004 down from 7% in year 2003.
This growth in the UAE and Dubai in particular has been
mirrored by the growth and performance of the
diversified businesses of our Group.
Al Habtoor Engineering Enterprises, our flagship
construction company has bagged the prestigious AED3.67
billion Dubai International Airport Project Terminal 3
Concourse 2, teaming up in a Joint Venture with the
South African firm Murray & Roberts and Takenaka of
Japan. The other prestigious projects currently under
construction,just to name a few, are the 1 billion Dhs.
Jumeriah Beach Residence project, Habtoor Grand Resort &
Spa project and the AED1.4 billion 5 Hotel Towers
project at Doha Qatar.
The Al Habtoor Motors automobile trading division has had a
record year in 2004 posting an increase of over 60% in
unit sales over the previous year and has secured a
higher market share of the Japanese vehicle brands. The
Group's Rent-A-Car company, Diamond Lease, has increased
the fleet size to an impressive 2,825 units during the
year 2004.
The Al Habtoor Group’s on-going commitment to community
service has resulted in the expansion of the existing
Emirates International Private School with the
construction of the Girls Section and a new School in
the Meadows in tune with the increasing needs of the
local population for quality education.
Habtoor Hospitality, the hotel & leisure activity segment of
the group, has also had a phenomenal performance, both
in occupancy levels and Average Room Rates, across all
its hotels in the year 2004.
We have successfully opened the first and only real Theme
Park in the Arab World in Beirut, Habtoorland, which was
inaugurated by the President of Lebanon, Emile Lahoud.
Our on-going projects in the Hospitality segment are the
Habtoor Grand Resort & Spa in Jumeirah Beach and the
Habtoor Grand Hotel, Convention Centre & Spa in Beirut,
Lebanon, both scheduled for opening in the middle of the
year 2005. We feel these overseas ventures in
Lebanon will be our Ambassadors for the Emarati
business that reflect the highest standard of
excellence.
The future never looked so bright and we strongly believe in
an even brighter future for the region, the U.A.E.,
Dubai and in particular the diversified businesses of
the Habtoor Group.
Khalaf Ahmed Al Habtoor | 
