Leading Abu Dhabi real estate group Aldar has signed a strategic AED2.3 billion ($626 million) 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 combined expertise of Aldar and H&H Development to bring forward a truly world-class development that will set a new standard for commercial space in the region, said Aldar in a statement. 

 

Designed by renowned architectural firm Herzog & de Meuron, the tower is targeting LEED Platinum certification, reinforcing Aldar and H&H Development’s shared commitment to sustainable building. 

 

With flexible floorplates for tenant customisation, the tower will offer a blend of multi-tenanted and single-tenanted spaces to suit diverse leasing needs.

 

A premier real estate developer in Dubai, H&H is renowned for its 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 UAE’s premier financial centres. 

 

Moreover, the acquisition complements Aldar’s growing footprint in the emirate, after its recent expansion into Dubai’s commercial real estate market with the acquisition of 6 Falak, the development of an iconic Grade A office tower on Sheikh Zayed Road, and a mixed-use joint venture with Expo City Dubai, said the developer.

 

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."

 

Located within DIFC and set for completion in 2028, the landmark tower will include commercial and retail space split across 40 floors.  

 

Its prime location provides easy access to top-tier dining, retail, and leisure destinations, and with direct access to Sheikh Zayed Road and excellent transport links, the tower offers unparalleled connectivity to the rest of city.-TradeArabia News Service