Aldar Completes $626 Million Acquisition of DIFC Tower in Dubai

In one of the greatest acquisitions of this kind, Aldar Properties, the leading developer in Abu Dhabi, paid 2.3 billion dirhams ($626 million) for a commercial tower located in Dubai’s main financial area.

The skyscraper is being purchased from H&H Development, a Dubai-based developer that has constructed buildings in the DIFC, such as the Four Seasons Hotel Dubai International Financial Centre.

The project is expected to be finished in 2028 and will have 40 floors of retail and commercial space.

Aldar announced a nine-month 2024 net profit of AED 4.6 billion, up 52% year over year. Mubadala owns 25% of the company, while International Holding Company owns the remaining 26%. The developer has projects in London, Egypt, and the United Arab Emirates.

H&H Development is a Dubai-based developer, asset management, and real estate investor that was established in 2007.