Abu Dhabi – Mubasher: Aldar Properties secured one of the largest commercial tower acquisitions registered in Dubai International Financial Centre (DIFC), according to a press release.
Aldar acquired a flagship tower from H&H Development at a value of AED 2.30 billion. The building is set to be completed in 2028 and will include commercial and retail space split across 40 floors.
The transaction aligns with the ADX-listed company’s growing footprint in the emirate following its recent expansion into Dubai’s commercial real estate market with the acquisition of 6 Falak.
Aldar became the sole UAE developer with commercial assets in both Abu Dhabi and Dubai’s key financial districts, the Abu Dhabi Global Market (ADGM) and DIFC
Meanwhile, the tower will help to address this demand, providing firms with flexible floor plans and premium amenities.
Talal Al Dhiyebi, Group CEO of Aldar, said: “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.”
In the first nine months (9M) of 2024, the company’s net profits after tax hiked by 52% to AED 4.57 billion from AED 3 billion in 9M-23.
