UAE real estate major Aldar Properties acquired a commercial tower in Dubai’s key financial district for $626M.
The tower is being acquired from Dubai developer H&H Development, which has built projects in DIFC, including the Four Seasons Hotel Dubai International Financial Centre. This is termed as one of the largest acquisitions in the commercial real estate sector. The project, with 40 floors of commercial and retail space, is set for completion in 2028.
Aldar, 25 per cent-owned by Mubadala and 26 per cent by International Holding Company, reported a nine-month 2024 net profit of AED 4.6bn, up 52 per cent year-on-year. It has projects across the UAE, Egypt and London.
H&H Development, founded in 2007, is a Dubai-based developer, asset manager and investor in the emirate’s real estate market.
