Abu Dhabi: Abu Dhabi-based mega-developer Aldar announced Wednesday plans to develop an office skyscraper on Sheikh Zayed Road, next to Dubai International Financial Centre. The project will also house a luxury boutique hotel and branded residences.
The net leasable area will be 88,000 square feet. The development is expected to be completed by Q4 2027. Aldar has also signed an agreement to acquire 6 Falak, a fully occupied office building in Dubai Internet City, it said in a statement.
This marks Aldar’s first commercial development in Dubai, following the company’s 2023 announcement to build new commercial assets across three destinations in Abu Dhabi as it caters to growing demand from regional and international blue-chip tenants across the UAE.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said, “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.”
Al Dhiyebi said, “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.”
On its 6 Falak investment, completed in March 2024, Aldar said the fully occupied is one of the last freehold plots in the area and is currently home to several blue-chip tenants, including Roland Berger, Merck, and IFS.
A company statement explained that the transaction will be completed 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,” it said.
The company’s commercial portfolio has grown over the last two years and comprises 13 operational assets across a total non-leasable area of over 465,000 sqm and occupancy of 97 per cent.
