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Abu Dhabi's biggest developer Aldar Properties has acquired a commercial tower in Dubai’s key financial district for 2.3 billion dirhams ($626 million), in one of the largest such acquisitions.
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.
The project, with 40 floors of commercial and retail space, is set for completion in 2028.
Aldar, 25%-owned by Mubadala and 26% by International Holding Company, reported nine-month 2024 net profit of AED 4.6 billion, up 52% year-on-year. The developer 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 emairate’s real estate market.
(Writing by Brinda Darasha; editing by Daniel Luiz)
