LONDON: Aldar Properties has completed the acquisition of International Tower in Abu Dhabi for 658 million dirhams ($179 million).
The Abu Dhabi-based developer said the building, which is located in the city’s Capital Gate district, would immediately contribute to its operating income. It did not disclose the seller.
Aldar CEO Talal Al-Dhiyebi said: “The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market.”
Like other big property developers in the UAE, Aldar wants to boost its recurring revenues instead of focusing on land and building sales, in an effort to reduce its exposure to boom-bust shocks.
The developer controls a real estate portfolio it estimates to be worth about $4.9 billion and which includes shopping malls, housing and hotels.
Tenants of the building include defense company BAE Systems and management consultancy McKinsey.
The Abu Dhabi office market has been hard hit by job cuts — especially in the energy, property and financial services sectors over the last year.
Total office stock remained largely unchanged in the third quarter according to the latest available research from real estate consultancy JLL.
“Developers remain cautious due to subdued demand for additional office space,” JLL said.
Aldar completes $179m Abu Dhabi tower purchase
Aldar completes $179m Abu Dhabi tower purchase
Saudi-US roundtable meeting held to strengthen economic relations
RIYADH: The Saudi-US Roundtable was held in Riyadh on Jan. 20, coinciding with the ninth session of the Saudi-US Trade and Investment Association, organized by the General Authority for Foreign Trade.
The meeting was attended by the Deputy Governor of International Relations at GAFT Abdulaziz Al-Sakran and the Secretary General of the Federation of Saudi Chambers Waleed Alorainan. It was also attended by the President and CEO of the Saudi-US Business Council Charles Hallab and representatives from government agencies, as well as 83 private sector companies.
The meeting reviewed ways to strengthen economic relations between Saudi Arabia and the US. It also explored opportunities for trade and investment cooperation in various sectors that play a fundamental role in developing trade ties and increasing bilateral trade volume, which reached approximately $33 billion in 2024.
Al-Sakran indicated that the roundtable meeting comes within the framework of the authority’s keenness to enhance the role of the private sector in developing trade relations by enabling it to access foreign markets and removing all external obstacles it faces, in coordination with relevant entities.
He noted that trade relations between the Kingdom and the US have witnessed significant economic activity, resulting in a trade volume exceeding $500 billion over the past decade.
It is worth noting that GAFT works to develop bilateral trade relations by overseeing business councils and coordination councils. In addition, it enables Saudi Arabia’s non-oil exports to access foreign markets and helps overcome the various challenges they face.
