Abu Dhabi's biggest real estate developer Aldar has bought a commercial tower for Dh2.3 billion ($626 million) at the Dubai International Financial Centre amid higher demand for office space in Dubai.
Aldar acquired the 40-storey tower, due for completion in 2028, from H & H Development, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded. The tower will include commercial and retail space and a mix of multi-tenanted and single-tenanted spaces.
The latest deal marks Aldar’s growing footprint in Dubai’s commercial real estate market, with the acquisition of 6 Falak, an office building in Dubai Internet City as well as the announcement on the development of an A Grade office tower on Sheikh Zayed Road and a mixed-use joint venture with Expo City Dubai valued at Dh1.75 billion in October.
Aldar now has commercial assets in Abu Dhabi's and Dubai’s financial districts of ADGM and DIFC, respectively.
“This acquisition not only diversifies our commercial portfolio but also responds to the sustained demand for high-quality office spaces, driven by a favourable macroeconomic backdrop and the UAE’s position as a global business hub,” Talal Al Dhiyebi, group chief executive at Aldar, said.
Dubai’s office market continues to record strong activity as the emirate’s non-oil economy expands.
The average occupancy rate in Dubai's office assets was about 93 per cent at the end of the third quarter of this year, up from 92 per cent a year earlier, according to a CBRE report.
Office rental rates also remained on an upward trajectory, with Prime, Grade A, Grade B, and Grade C offices recording an annual growth of 11 per cent, 21 per cent, 24 per cent and 19 per cent, during the three-month period.
“With limited new office deliveries recorded year to date, and or expected over the remainder of the year, Dubai’s office sector will remain a heavily landlord-friendly market adding further upward pressure to occupancy rates and rentals in the coming quarters,” the report said.
Aldar, which reported a 37 per cent annual jump in its third-quarter profit, is also boosting its residential portfolio in Dubai. The company has established a joint venture with Dubai Holding to develop prime residential communities and has announced the Athlon and Haven projects.
The companies generated Dh4.1 billion from the sale of more than 1,000 villas and townhouses at Athlon in May and Dh1 billion from selling more than 660 apartment units at Haven in July.
Mental%20health%20support%20in%20the%20UAE
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Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Kibsons%20Cares
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
