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The office tower in DIFC and the acquistion of Grade A office building in DIC represent $490mln in investment committments in Dubais commercial real estate sector
Abu Dhabi-listed developer Aldar Properties (Aldar) unveiled on Wednesday its plans to develop and launch an iconic Grade A office tower development on Sheikh Zayed Road, beside the Dubai International Financial Centre (DIFC).
The office tower, which is Aldars first commercial project in Dubai, will have a net leasable area (NLA) of 88,000 square metres (sqm) and also include a luxury boutique hotel and branded residences, Aldar said in a press statement.
The statement didnt disclose details about units, the overall project cost or tendering timelines but said the development is expected to be completed by the fourth quarter of 2027.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar said: “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.”
Additionally, Aldar signed an agreement to acquire ‘6 Falak’ Grade A office building located in Dubai Internet City (DIC) from Sweid & Sweid. The building, completed in March 2024, has an NLA of 9,100 sqm.
The statement said these commercial property investments in Dubai represent a total commitment of 1.8 billion UAE dirhams ($490 million).
Aldar’s commercial portfolio comprises 13 operational assets across a total NLA of over 465,000 sqm and occupancy of 97 percent. |
