Aldar Properties of Abu Dhabi to Construct Office Tower on Sheikh Zayed Road as Part of a Dh1.8 Billion Expansion Initiative in Dubai.
Megadeveloper Aldar, based in Abu Dhabi, revealed plans on Wednesday to build an office skyscraper next to the Dubai International Financial Center on Sheikh Zayed Road. Branded apartments and an opulent boutique hotel will also be located in the project.
There will be 88,000 square feet of net leasable area. It is anticipated that the development will be finished by Q4 2027. According to a statement, Aldar has also agreed to buy 6 Falak, a fully occupied office building in Dubai Internet City.
As it responds to increasing demand from regional and international blue-chip tenants throughout the UAE, Aldar announced in 2023 that it would construct new commercial assets across three destinations in Abu Dhabi. This is the company’s first commercial development in Dubai.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said, “Dubai is a priority growth market for Aldar, and we will continue to increase our presence across key real estate asset classes. Buoyed by the progress we have already made in the residential and logistics sectors in the emirate, we are excited to develop what will be an iconic commercial property adjacent to one of the UAE’s key business centres.”
Al Dhiyebi said, “Through this project, we are not only bringing our development expertise to bear but also providing the commercial space that is needed to cater to the growing demand from new market entrants and incumbent businesses eager to relocate.”
Aldar stated that its fully occupied 6 Falak investment, finished in March 2024, is one of the last freehold plots in the neighborhood and is presently occupied by several prestigious tenants, such as Roland Berger, Merck, and IFS.
According to a company statement, the deal will close in the upcoming weeks, pending final authority approvals.
“These strategic investments mark a significant milestone in Aldar’s expansion plans as the company’s inaugural commercial property investment outside of Abu Dhabi,” it said.
Over the past two years, the company’s commercial portfolio has expanded, containing 13 operational assets with a 97% occupancy rate and a total non-leasable area of over 465,000 sqm.
