Aldar Properties of Abu Dhabi to construct office tower on Sheikh Zayed Rd. as part of a Dh1.8b Expansion Initiative in Dubai. Abu Dhabi’s Aldar properties, a megadeveloper has revealed plans to build an office Skyscraper next to the Dubai International Financial Center on Sheikh Zayed Road. The project will also feature branded apartments and an opulent boutique hotel.
There will be net leasable area of 88,000 square feet. The development is expected be finished by Q4 2027. Additionally, Aldar Properties has also agreed to buy 6 Falak, a fully occupied office building in Dubai Internet City. Aldar declared in 2023 that it would build new commercial properties across three locations in Abu Dhabi in response to growing demand from blue-chip tenants both domestically and internationally throughout the UAE. This is the business’s inaugural commercial venture in Dubai.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said, “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 centers.”
He further added, “Through this project, we are not only bringing our development expertise to bear 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.”
As per the statement released by the company, the deal will close in the upcoming weeks, including the final authority approvals.
“These strategic investments mark a significant milestone in Aldar’s expansion plans as the company’s inaugural commercial property investment outside of Abu Dhabi,” it said.
The company’s commercial portfolio has grown over the last two years, now consisting of thirteen operational buildings with a 97% occupancy rate and more than 465,000 square meters of total non-leasable area.
Source: Propertynews
