Aldar boosts commercial portfolio in Dubai with AED 1.8 bn investments

Real estate developer Aldar Properties committed AED 1.8 bn to ramp up its portfolio in Dubai, focusing on key business districts, it said in an ADX disclosure (pdf). The projects include Aldar's first commercial development in Dubai, as well as the purchase of a fully occupied Grade A office building in Dubai Internet City (DIC), bringing the developer’s total net leasable area (NLA) to 465k sqm across 13 operational assets, with an occupancy rate of 97%.

Aldar is planning to build a Grade A office tower development with a NLA of 88k sqm on a freehold plot in Sheikh Zayed Road, beside the Dubai International Financial Centre, the disclosure reads. The project — which will also include a luxury boutique hotel and branded residences — is slated for handover in 4Q 2027, and targets high sustainability credentials.

The Abu Dhabi developer also inked an agreement to acquire 6 Falak, a fully occupied Grade A office building housing 9.1k sqm of NLA in DIC. The building, which was completed in March 2024, is home to several notable tenants including Roland Berger, Merck, and IFS. The transaction is expected to be completed in the coming weeks, the statement said.

Aldar has been expanding its portfolio in Dubai, with its first residential development — the AED 1 bn Verdes by Haven apartment complex — launched this year. It also lined up AED 1 bn (USD 272 mn) earlier in January to expand its logistics operations in both Abu Dhabi and Dubai, which included an acquisition of its first logistics zone in Dubai and plans to set up new logistics facilities. It agreed this month to develop a Grade A logistics park at National Industries Park in Jebel Ali.