Leading real estate company of Abu Dhabi dealing in Dubai, as well, have signed a crucial contract with Dubai-based H&H Development worth AED2.3 billion ($626 million) for one of the most notable commercial tower purchases in the Dubai International Financial Center (DIFC).
As per the statement released by Aldar, the agreement will be a collaboration of H&H Development and Aldar’s experience and expertise to create a genuinely world-class development that will raise the bar for commercial space in the area.
The commercial tower was created by the well-known architectural company Herzog & de Meuron, that aims for LEED Platinum certification, demonstrating Aldar and H&H Development’s joint dedication to environmentally friendly construction. The nearby real-estate developments in Dubai next to the commercial skyscraper that Aldar purchased are: The Four Seasons Hotel Dubai International Financial Centre and the planned Janu Hotel and Residences.
With this deal, Aldar is the only developer in the UAE with commercial assets in both ADGM and DIFC, the country’s two most important financial hubs, and demonstrates the company’s dedication to growing its Grade A commercial portfolio.
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 favorable 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,” he stated.
On the partnership, Shahab Lutfi, Chairman of H&H Development, said: “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.”
The iconic tower, is anticipated to complete in 2028 and is situated within the DIFC, will have 40 floors of retail and commercial space.
Source: Propertynews
