Leading Abu Dhabi real estate company Aldar and Dubai-based H&H Development have inked a crucial AED2.3 billion ($626 million) agreement for one of the biggest commercial tower purchases ever in the Dubai International Financial Center (DIFC).
According to a release from Aldar, the agreement will combine H&H Development and Aldar’s experience to create a genuinely world-class development that will raise the bar for commercial space in the area.
The tower, which was created by the well-known architectural company Herzog & de Meuron, aims for LEED Platinum certification, demonstrating Aldar and H&H Development’s joint dedication to environmentally friendly construction.
To accommodate a range of lease requirements, the tower will include a mix of multi-tenanted and single-tenanted units with adjustable floorplates for tenant customisation.
The Four Seasons Hotel Dubai International Financial Centre and the planned Janu Hotel and Residences, which is next to the commercial skyscraper that Aldar purchased, are two of H&H’s most well-known real estate developments in Dubai.
The deal makes Aldar the only developer in the UAE with commercial assets in both ADGM and DIFC, the country’s two most important financial hubs, and demonstrates the company’s dedication to growing its Grade A commercial portfolio.
Additionally, the purchase enhances Aldar’s expanding presence in the emirate, following the developer’s recent foray into Dubai’s commercial real estate market with the purchase of 6 Falak, the construction of a recognizable Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai, the developer stated.
Aldar Group CEO Talal Al Dhiyebi 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,” he stated.
On the partnership, Shahab Lutfi, Chairman of H&H Development, said: “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 iconic tower, which will be completed in 2028 and is situated within the DIFC, will have 40 floors of retail and commercial space.
With direct access to Sheikh Zayed Road and first-rate transportation, the tower offers unmatched connectivity to the rest of the city, and its ideal position makes it simple to reach upscale dining, shopping, and entertainment venues.
