Abu Dhabi’s prominent developer Aldar has finalized the acquisition of a landmark tower in Dubai International Financial Centre (DIFC) for Dh2.3 billion. The deal, inked with H&H Development, stands as one of the largest commercial property acquisitions within DIFC to date.
Expected to be completed by 2028, this 40-floor tower will encompass both commercial and retail spaces, reflecting a cutting-edge design tailored for modern businesses. The acquisition strengthens Aldar’s standing as the only UAE developer with commercial assets in both DIFC and Abu Dhabi Global Markets (ADGM), cementing its presence across the nation’s two premier financial hubs.
With the demand for Grade A commercial spaces surging due to the increasing establishment of financial services and innovative firms in DIFC, average rents in the area have seen a notable 15% year-on-year increase. Aldar’s latest venture addresses this growing demand by offering flexible floorplans that cater to diverse tenant needs, from single-tenanted spaces to multi-tenanted options.
“This acquisition not only diversifies our commercial portfolio but also responds to the sustained demand for high-quality office spaces, driven by a favourable macroeconomic backdrop and the UAE’s position as a global business hub. As we continue to expand in Dubai, this tower will serve as a flagship asset, delivering flexible, premium commercial spaces that meet the evolving needs of multinational and regional businesses,” said Talal Al Dhiyebi, group CEO at Aldar.
H&H Development, the seller and a key collaborator on the project, also underscored the significance of the transaction. “H&H Development is proud to collaborate with Aldar on this landmark project, which exemplifies our shared commitment to excellence, innovation, and delivering transformative developments that shape the future of the real estate market,” stated Shahab Lutfi, chairman of H&H Development.
The tower’s design is the brainchild of renowned architectural firm Herzog & de Meuron and aims for Leed Platinum certification, emphasizing sustainability and efficiency. This acquisition follows Aldar’s recent strategic expansion in Dubai, including the 6 Falak development, a Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai.
Aldar’s continued investments highlight its dedication to meeting evolving market demands while shaping the UAE’s real estate landscape with innovative and premium developments.
