Aldar Buys a Commercial Tower in Dubai’s DIFC for $626 Million!
Aldar, Abu Dhabi’s largest real estate company, has purchased a commercial tower in Dubai’s International Financial Centre (DIFC) for 2.3 billion dirhams ($626 million). This comes as more people need office spaces in Dubai.
The tower has 40 floors and is expected to be finished in 2028. Aldar bought it from H & H Development. The building will have spaces for businesses and shops, including areas for multiple companies and single companies.
This purchase shows Aldar is expanding in Dubai’s business real estate. Earlier, Aldar bought 6 Falak, an office building in Dubai Internet City. They also announced plans to build a high-quality office tower on Sheikh Zayed Road and a joint project with Expo City Dubai worth 1.75 billion dirhams in October.
Now, Aldar owns commercial properties in both Abu Dhabi’s ADGM and Dubai’s DIFC financial areas.
Talal Al Dhiyebi, Aldar’s CEO, said, “Buying this tower not only adds to our business properties but also meets the ongoing need for top-notch office spaces. This is because the UAE is growing as a global business center.”
Dubai’s office market is still very active as the city’s non-oil economy grows. By the end of the third quarter this year, about 93% of office spaces in Dubai were occupied, up from 92% last year, according to a CBRE report.
Office rents are also increasing. Prime offices saw an 11% rise, Grade A offices went up 21%, Grade B by 24%, and Grade C by 19% over three months.
The report added, “Since there are not many new offices being built now or expected soon, Dubai’s office market will stay strong for landlords. This will keep pushing up occupancy rates and rents in the next few months.”
Aldar also saw its profits grow by 37% in the third quarter and is adding more homes in Dubai. The company partnered with Dubai Holding to create top residential communities and announced two projects: Athlon and Haven.
In May, the companies made 4.1 billion dirhams by selling over 1,000 villas and townhouses at Athlon. In July, they earned 1 billion dirhams from selling more than 660 apartments at Haven.
