Abu Dhabi – Mubasher: Aldar Properties has revealed plans to develop a landmark Grade A office tower on Sheikh Zayed Road, near the Dubai International Financial Centre (DIFC).

The project, featuring an 88,000 sqm net leasable area (NLA), will include a luxury boutique hotel and branded residences, combining high-quality commercial space with premium hospitality and food and beverages (F&B) options, according to a press release.

Scheduled for completion by the fourth quarter (Q4) 2027, the tower will be located on one of the last remaining undeveloped double plots in the area and will aim for high sustainability standards.

New Asset Added

Furthermore, Aldar has signed an agreement to acquire '6 Falak', a Grade A office building in Dubai Internet City (DIC), from Sweid & Sweid.

Completed in March 2024, the 9,100 sqm NLA building is fully occupied by blue-chip tenants and represents one of the highest quality assets in DIC. This acquisition is expected to finalise soon, pending authority approvals.

Talal Al Dhiyebi, Group CEO of Aldar Properties, stated: “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,” Al Dhiyebi added.

In the first quarter (Q1) of 2024, Aldar Properties’ net profit surge to AED 1.57 billion from AED 835.79 million in Q1-23.

Aldar’s commercial portfolio amounts to 13 operational assets with a total NLA exceeding 465,000 sqm and an occupancy rate of 97%.