Top Abu Dhabi developer sees commercial property boom extending

ABU Dhabi’s biggest property developer expects the local commercial real estate boom to extend as an influx of firms continues to help the emirate dodge a slump in occupancy rates dogging cities around the world.

“Abu Dhabi can’t keep up with commercial office demand,” Aldar Properties chief financial officer Faisal Mohammed Abdul Rahman Falaknaz said at an event in the city on Monday (Dec 9). There’s significant room for price and sales to grow, across commercial and residential property, he said.

An influx of the world’s biggest financial firms have transformed Abu Dhabi and neighbouring Dubai into rare bright spots in the world of commercial real estate. Occupancy rates in both cities have remained high, in contrast with other major business hubs.

Both UAE cities have unveiled plans to add more space to their financial districts. Dubai is building three new office towers, while Abu Dhabi is working on expanding its financial free zone’s jurisdiction to a neighbouring island in a move that will give it ten times as much space.

Aldar itself plans to build a skyscraper that’ll include offices, a luxury hotel and branded residences on a plot of land near Dubai’s financial centre. BLOOMBERG