Dubai billionaire Khalaf Al Habtoor who added 1,600 hotel rooms to the city through one project alone, said the market is currently saturated and he’s trying to expand elsewhere.

“I wouldn't suggest any growth in hotels the least bit to anybody,” Al Habtoor aforesaid in associate interview with Bloomberg TV. The group’s beach properties do well, “but with terribly low rates.” His town occupancy rate is unsteady and “the rates don't seem to be nice,” he said.

The tycoon said he’s currently deciding whether or not it’s best to create or acquire between seven and tencolleges. He’s conjointly learning building a specialised hospital with regarding one hundred beds. Al Habtoor is getting to fund the investments through a mixture of debt and equity.

“There is a part that is doing fine,” the Al Habtoor Group LLC chairman said as he discussed the economy. “In education, we are doing very well.”

Al Habtoor has spent the past few years building hotels and houses across Dubai. He created a fancy on the city’s road and spent $500 million building a resort at the middle of 3 polo fields in Dubai. But a regional slowdown after oil prices dropped in 2014 hurt demand in Dubai’s hospitality sector, whereas a glut of recent properties has dragged down rates.

He known as on Dubai’s government entities to halt building development, even on unfinished comes, as increasing provide causes space rates to say no.

“Nakheel is asserting eight,000 rooms. Why?” he aforesaid “We have enough rooms -- I will provide them rooms. I will provide them rooms, 5,000 rooms.”

Outside Dubai, Al Habtoor bought hotels within the United Kingdom, Republic of Austria and Republic of Hungaryto feature to properties in Lebanon. His company is additionally a distributor of Bentley, Bugatti and Mitsubishi cars. The have says that whereas pressure remains being felt across the economy, third-quarter results across his automotive businesses provide him hope.

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