PC: Arabian Business
Abu Dhabi’s leading real estate developer, Aldar Properties, has finalized the acquisition of a commercial tower in Dubai’s prestigious financial hub, Dubai International Financial Centre (DIFC), for AED 2.3 billion ($626 million). This marks one of the largest real estate acquisitions in the region and reinforces Aldar’s growing footprint across key UAE markets.
The 40-floor commercial and retail tower, under construction, is scheduled to be completed in 2028. The seller, Dubai-based H&H Development, has an established presence in DIFC, having developed notable projects such as the Four Seasons Hotel Dubai International Financial Centre.
Aldar Properties’ latest investment aligns closely with its strategic vision of expanding its presence in high-value markets. By acquiring the commercial tower in Dubai’s financial hub, the company continues to solidify its position as a leading player in the regional real estate sector. Having Mubadala sovereign wealth fund holding 25% and International Holding Company holding 26%, Aldar is undoubtedly set to be a behemoth in the real estate markets within the region.
This acquisition testifies to Aldar’s strong belief in the resilience and growth potential of the thriving real estate market of Dubai. It particularly emphasizes how attractive the Dubai International Financial Centre (DIFC), known as a prime location for multinational corporations, big financial institutions, and luxury retail outlets, is. The deal mainly emphasizes Aldar’s commitment to investments in areas that are strategically important and commercially viable.
Strong Financial Performance
The acquisition comes on the heels of Aldar Properties’ strong financial performance during the first nine months of 2024. The company reported an impressive net profit of AED 4.6 billion, marking a significant 52% increase compared to the same period in the previous year. These results underline Aldar’s robust financial health and its ability to capitalize on growth opportunities.
In addition to its financial success, Aldar has been steadily working on diversifying its portfolio to strengthen its position in the market. Its developments extend across multiple key regions, including the UAE, Egypt, and London, reflecting the company’s commitment to maintaining a diverse and geographically expansive real estate presence. This approach ensures Aldar remains competitive and well-positioned to leverage opportunities in various high-potential markets.
H&H Development is a leading real estate developer company in Dubai, started in 2007. The company operates in diverse aspects of the real estate sector, including development and asset management, as an investor. Its portfolio showcases several high-profile projects located within DIFC and other major areas in Dubai.
This is a major acquisition and further shows that the UAE real estate sector remains full of vibrancy and strength. Moreover, it emphasizes strategic partnership and collaboration among the country’s leading developers as they push growth and innovation in the industry.
