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40-storey development will target LEED Platinum certification and underline Aldar’s expansion in Dubai
Aldar has signed a strategic US $626mn deal with Dubai-based H&H Development for one of the largest commercial tower acquisitions registered in Dubai International Financial Centre (DIFC). The deal will harness the expertise of Aldar and H&H Development, bringing forward an exceptional, world-class development, said a statement.
Designed by architectural firm Herzog & de Meuron, the tower is targeting LEED Platinum certification. With flexible floorplates for tenant customisation, the tower will offer a blend of multi-tenanted and single-tenanted spaces to suit diverse leasing needs. Set for completion in 2028, the tower will include commercial and retail space split across 40 floors.
H&H has a number of key projects in DIFC, including the Four Seasons Hotel Dubai International Financial Centre and the upcoming Janu Hotel and Residences, which is adjacent to the commercial tower acquired by Aldar.
The transaction reflects Aldar’s commitment to further scaling its Grade A commercial portfolio and positions the company as the only UAE developer with commercial assets in both ADGM and DIFC.
The acquisition also complements Aldar’s recent expansion into Dubai’s commercial real estate market, with the acquisition of 6 Falak, the development of a Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai.
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 favourable 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.”
Shahab Lutfi, Chairman of H&H Development, commented: “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.” |
