UAE-based Aldar has bought a $626 million commercial tower in Dubai’s DIFC area from H&H Development
Aldar, a real estate company from the UAE, announced on Wednesday that it bought a commercial tower in Dubai from H&H Development for $626.2 million (AED 2.3 billion). This is one of the biggest deals ever made in the Dubai International Financial Center (DIFC).
Acquiring a Commercial Tower
- Aldar and H&H Development are working together to build a high-quality commercial site in the Dubai International Financial Centre (DIFC). This new tower is expected to be finished by 2028 and will have 40 floors for offices and shops.
- Aldar said this project strengthens its growing presence in the region. Recently, the company has made other important moves in Dubai’s commercial real estate market, such as buying the 6 Falak property, developing a top-grade office tower on Sheikh Zayed Road, and starting a joint venture with Expo City Dubai.
- The tower is designed by Swiss architects Herzog & de Meuron. It will offer flexible spaces for either single or multiple tenants to meet the needs of different businesses.
Crucial quote
“Opening in Dubai’s DIFC is a big step forward for us,” said Aldar Group CEO Talal Al Dhiyebi, who is ranked second on Forbes Middle East’s Most Impactful Real Estate Leaders 2024 list.
“This deal adds variety to our business properties and meets the strong demand for top-quality office spaces, thanks to the UAE’s growing economy and its status as a global business center.”
Surprising Fact
Aldar is now the only real estate developer in the UAE with commercial properties in both the DIFC (Dubai International Financial Centre) and the Abu Dhabi Global Market (ADGM).
Financial Performance
In the third quarter of 2024, Aldar Properties saw its net profit increase by 41% compared to the same period last year, reaching $353.9 million (AED 1.3 billion). This growth was driven by strong revenue, which rose 61% year-on-year to $1.5 billion (AED 5.6 billion). The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) also grew by 41% to $408.4 million (AED 1.5 billion).
Published: 4th December 2024
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