Aldar Properties PJSC (Aldar) has unveiled its plans to develop and launch an iconic Grade A office tower development. It will be on Sheikh Zayed Road beside the Dubai International Financial Centre (DIFC).
This landmark development will feature a Grade A office tower with a net leasable area (NLA) of 88,000 sqm. This also includes a luxury boutique hotel and branded residences, offering guests both high-quality commercial space and extremely well-located hospitality and F&B options.
Situated on a prime freehold plot, Aldar’s prime Grade A tower will host a high quality, best-in-class office space.
The development, expected to be completed by Q4 2027, will also offer seamless connectivity to Dubai’s major transport links.
Marking its first commercial development in the Emirate, this announcement follows plans Aldar announced in 2023 to develop new commercial assets across three key destinations in Abu Dhabi, as it caters to the growing demand from regional and international blue-chip tenants across the UAE.
“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 centres. 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.”
Talal Al Dhiyebi, Group Chief Executive Officer, Aldar
Aldar are due to acquire ‘6 Falak’, a Grade A office located in Dubai Internet City from Sweid & Sweid. The building, completed in March 2024, is one of the highest-quality assets in DIC boasting 9,100 sqm of NLA.
The fully occupied property is one of last freehold plots in the area. It is currently home to a number of blue-chip tenants including Roland Berger, Merck, and IFS. The transaction is expected to complete in the coming weeks subject to 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.
Aldar’s commercial portfolio has grown considerably over the last two years. It now comprises 13 operational assets across a total NLA of over 465,000 sqm and occupancy of 97%.
In December 2023, financial institution Abu Dhabi Islamic Bank (ADIB) announced that it has arranged a sustainable bilateral facility for Aldar. The financing took Aldar’s total ESG financing facilities to AED 4.8bn, as the company transitions towards sustainable financing.
