Abu Dhabi’s leading property developer, Aldar, has announced plans to develop a new office tower on Sheikh Zayed Road, located near the Dubai International Financial Centre. This Dh1.8 billion Dubai Real Estate project will include a luxury boutique hotel and branded residences, offering a total net leasable area of 88,000 square feet. The development is scheduled for completion by the fourth quarter of 2027.
Additionally, Aldar has finalized an agreement to acquire the ‘6 Falak’ office building in Dubai Internet City, a fully leased property. This acquisition signifies Aldar’s first commercial venture into the Dubai Real Estate market, expanding its footprint beyond Abu Dhabi. The move aims to address the growing demand for office space from regional and international blue-chip companies across the UAE.
Strategic Focus on Dubai Real Estate Market
Talal Al Dhiyebi, Aldar’s Group Chief Executive Officer, commented, “Our focus on Dubai reflects our commitment to diversifying our real estate portfolio. Building on our successes in the residential and logistics sectors, we are excited to develop a landmark commercial property adjacent to one of the UAE’s key business hubs.”
Regarding the ‘6 Falak’ acquisition, completed in March 2024, Al Dhiyebi highlighted that it is among the last remaining freehold plots in the area and currently houses several prestigious tenants, including Roland Berger, Merck, and IFS. The transaction is expected to be finalized soon, pending final regulatory approvals.
In a statement, Aldar emphasized that these strategic investments represent a significant milestone in their expansion strategy within the Dubai Real Estate market, marking the company’s first commercial property investment outside of Abu Dhabi. Over the past two years, Aldar’s commercial portfolio has grown to include 13 operational assets, with a total gross leasable area exceeding 465,000 square meters and an occupancy rate of 97%.