Khalaf Al Habtoor, chairman and founder of the hotels, property and motor group, said that he was “looking at scenarios” for an IPO, but that the new developments – a hotel, an upmarket residential development and a polo centre – were not dependent on IPO financing.
“We can fund these projects through cash flow and a small amount of local bank finance,” he said.
On the prospects for a listing, Mr Al Habtoor said: “No decision has been taken. I have been thinking about this question for 20 years, and have hired 10 or 11 firms over the years to diagnose Al Habtoor. But that doesn’t mean we are going to go for an IPO. We are considering it, but we do not have to go for an IPO.”