Aldar acquires tower in DIFC in one of Dubai's largest real estate deals

Aldar, a company based in Abu Dhabi, has bought a tower in Dubai's financial area, DIFC, for Dh2.3 billion. The tower is still being built and will be finished in 2028. It will have office spaces and shops on its 40 floors.

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Aldar is growing its business in Dubai. This is the second office building the company has bought there. Before this, Aldar bought a building called '6 Falak' in Dubai Internet City.

Talal Al Dhiyebi, the CEO of Aldar, said moving into DIFC is a big step for the company. This deal will help Aldar provide more office spaces as more companies want to rent in Dubai. Dubai is a strong business hub because of its growing economy.

There is high demand for new office buildings, especially high-quality ones. Another company, Tecom Group, is also buying office buildings in Dubai.

Al Dhiyebi also said that the DIFC tower will be an important project. It will provide flexible office spaces for different businesses.

By buying this tower, Aldar now owns office buildings in two of the UAE's main financial areas: DIFC in Dubai and ADGM in Abu Dhabi. Recently, Aldar also announced a new office project in Abu Dhabi called 'One Maryah Place.'

Real estate experts say there is still strong demand for office spaces in DIFC. Even with new office buildings, any space in DIFC will easily find tenants.

Aldar also said that rents for office spaces in DIFC have increased by 15% in the past year. This shows the strong demand for these spaces.

H&H Development, the company that sold the tower to Aldar, has other projects in DIFC, like the Four Seasons Hotel and the upcoming Janu Hotel and Residences, which are near the tower Aldar bought.

The tower, designed by the famous architects Herzog & de Meuron, is planned to be eco-friendly and aims to get a special environmental certificate called LEED Platinum. The building will have office spaces that can be changed to suit different businesses.

Shahab Lutfi, Chairman of H&H Development, said that this new tower will make the DIFC skyline look better and shows the company's focus on bringing the best designers and builders to Dubai.

Dec. 4, 2024 1:28 p.m. 532

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