Aldar Real Estate Group (Aldar) plans to develop a luxury office tower on Sheikh Zayed Road next to the Dubai International Financial Center as part of a strategic investment plan of 1.8 billion dirhams to increase its presence in Dubai’s commercial real estate sector.
The company said on Wednesday that the project includes the development of a luxury office tower with a net floor area of 88,000 square meters, which will also include a luxury boutique hotel and branded residential units.
The tower is being built on a distinctive commercial plot, which is one of the remaining undeveloped double plots in this strategic location.
The project, which will be completed and delivered in the last quarter of 2027, will offer seamless connectivity to the emirate’s main transport networks, as it is within walking distance of Emirates Towers Metro Station.
This project is the first of its kind for Aldar in the commercial real estate sector in the Emirate of Dubai, and follows plans revealed in 2023 to develop a group of new commercial assets within three of Abu Dhabi’s main destinations. Responding to the growing demand from large regional and international corporate tenants in various parts of the Emirates.
Talal Al Dhiyebi, CEO of Aldar Properties Group, said: “It pays off Dubai “This is a promising and important growth market for Aldar, so the group will continue to strengthen its presence in the emirate’s leading real estate asset classes.”
In line with its strategy to diversify its asset portfolio, Aldar signed an agreement with Sweden & Sweden to acquire the premium category 6 Falak modern office building in Dubai Internet City.
The building, due for completion in March 2024, is one of the highest quality real estate assets in Dubai Internet City, with a net lettable area of 9,100 square meters. The property, which is fully leased, is one of the last projects built on freehold land in the region, and its tenants include well-known companies Roland Berger, Merck and IFS. The deal is expected to be finalized in the coming weeks, after obtaining final approvals from the relevant authorities.
These strategic investments are a milestone in Aldar’s larger growth plans and the group’s first steps into the commercial real estate sector outside the Emirate of Abu Dhabi. Aldar’s portfolio of commercial assets has seen significant growth over the past two years and currently includes 13 operational assets with a net floor area of over 465,000 square meters and an occupancy rate of 97 percent.
