Aldar acquires flagship commercial tower in Dubai International Financial Centre from H&H Development

Through this acquisition, Aldar becomes the sole UAE developer with commercial assets in both Abu Dhabi and Dubai’s key financial districts – ADGM and DIFC
The AED 2.3 billion transaction is one of the largest commercial tower acquisitions registered in DIFC
The partnership leverages H&H Development's proven track record in developing high-end, premium real estate in Dubai
Set for completion in 2028 with 40 floors of commercial and retail space

Abu Dhabi, UAE – 4 December 2024: Aldar has announced today one of the largest commercial tower acquisitions registered in Dubai International Financial Centre (DIFC). The AED 2.3 billion flagship tower is being acquired from H&H Development, Dubai’s premier real estate developer renowned for its prestigious and iconic projects in DIFC, including the Four Seasons Hotel Dubai International Financial Centre and the upcoming Janu Hotel and Residences, which is adjacent to the commercial tower acquired by Aldar.

The deal will harness the combined expertise of Aldar and H&H Development to bring forward a truly world-class development that will set a new standard for commercial space in the region. Located in a highly desirable area within DIFC and set for completion in 2028, the landmark tower will include commercial and retail space split across 40 floors.

The transaction reflects Aldar’s commitment to further scaling its Grade A commercial portfolio and positions the company as the only UAE developer with commercial assets in both ADGM and DIFC — the UAE’s premier financial centres. Moreover, the acquisition complements Aldar’s growing footprint in the emirate, after its recent expansion into Dubai’s commercial real estate market with the acquisition of 6 Falak, the development of an iconic Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, said: “Expanding into Dubai’s DIFC marks a significant milestone in our growth, providing Aldar with key exposure to the Emirate’s financial centre. This acquisition not only diversifies our commercial portfolio but also responds to the sustained demand for high-quality office spaces, driven by a favorable 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.”

Shahab Lutfi, Chairman of H&H Development, said: “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. This underscores H&H Development’s commitment to bringing together the best architects, designers, and operators, which will further enhance the DIFC skyline and reinforce Dubai’s position as a global business hub, with Grade A commercial spaces that set an international benchmark for premium quality.”

The tower’s prime location provides easy access to top-tier dining, retail, and leisure destinations, and with direct access to Sheikh Zayed Road and excellent transport links, the tower offers unparalleled connectivity to the rest of city.

Designed by renowned architectural firm Herzog & de Meuron, the tower is targeting LEED Platinum certification, reinforcing Aldar and H&H Development’s shared commitment to sustainable building. With flexible floorplates for tenant customization, the tower will offer a blend of multi-tenanted and single-tenanted spaces to suit diverse leasing needs.

With an increasing number of regional and international financial services and innovative firms establishing themselves in DIFC, there has been a considerable uptick in demand for world-class commercial space, driving a 15% year-on-year increase in average Grade A rents in the area. The tower acquired by Aldar will help to address this demand, providing firms with flexible floor plans and premium amenities in one of the leading international financial hubs across the Middle East, Africa, and Asia.

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