Aldar Properties will develop a Grade A office tower in one of the most sought-after locations in Dubai, on Sheikh Zayed Road, beside the Dubai International Financial Centre (DIFC). It will be the company’s first commercial development in the Emirate, following sold-out residential offerings in the recent past.
The Abu Dhabi-based real estate company also said it has signed an agreement to acquire ‘6 Falak’, a newly built Grade A office building in Dubai Internet City (DIC) from Sweid & Sweid.
Aldar’s expansion in Dubai
These investments, with a total commitment of AED1.8 billion ($490 million), will broaden Aldar’s presence in Dubai and help deliver premium office spaces in key business districts.
The new SZR development is situated on a prime freehold plot – and one of the last remaining undeveloped ‘double’ plots in the area. It will feature a Grade A office tower with a net leasable area (NLA) of 88,000 sqm and include a luxury boutique hotel and branded residences, thus offering customers high-quality commercial space and well-located hospitality and F&B options.
The development, expected to be completed by Q4 2027, will also offer excellent connectivity to Dubai’s major transport links, being within walking distance of the Emirates Towers Metro Station.
6 Falak, completed in March 2024, is a high-quality asset in DIC with 9,100 sqm of NLA. The fully occupied property is one of the last freehold plots in the area and currently home to several blue-chip tenants including Roland Berger, Merck, and IFS.
The transaction is expected to complete in the coming weeks subject to final approvals.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented: “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. Through this project, we are not only bringing our development expertise, 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.”
These investments mark a significant milestone in Aldar’s expansion plans as the company’s first commercial property investment outside of Abu Dhabi. Aldar’s commercial portfolio has grown considerably over the last two years, and now comprises 13 operational assets across a total NLA of over 465,000 sqm and occupancy of 97 percent.
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