Aldar Acquires Tower in Dubai DIFC for $626 Million

Abu Dhabi-based Aldar Properties, renowned as the largest developer in the UAE, has executed a strategic acquisition by purchasing a commercial tower in Dubai's critical financial district, DIFC, for a substantial 2.3 billion dirhams (approximately $626 million). This acquisition represents one of the largest real estate deals in the region. The tower, still under development by Dubai's H&H Development, will feature 40 floors of commercial and retail spaces, projected for completion by 2028. Aldar's acquisition signals a continued expansion within key markets, as the developer increases its presence beyond Abu Dhabi to Dubai's renowned financial center. This acquisition coincides with Aldar's strong financial performance, having reported a significant net profit increase of 52% year-on-year, amounting to AED 4.6 billion for the first nine months of 2024. H&H Development, a prominent player in the Dubai real estate scene since 2007, brings its reputation as a developer and asset management firm to this high-profile transaction. Aldar's acquisition strategy reflects its intent to diversify and solidify its position across the UAE, while also engaging with international markets.