Despite a robust demand for office spaces in Dubai, a notable tower situated near the city’s financial district has remained unoccupied for nearly ten years. However, this situation is set to change as new ownership steps in.

A New Chapter for “Big Ben”

Abbas Sajwani, the 26-year-old heir of billionaire developer Hussain Sajwani, purchased the tower last year for approximately $120 million. This prominent structure, often referred to as “Big Ben” due to its resemblance to the famous London clock tower, is currently undergoing refurbishment. As per Sajwani, the renovation is scheduled for completion by the end of 2026.

In a promising sign for the project’s future, around 95% of the units have already been sold, which has generated close to $600 million in revenue. The eagerness of potential investors showcases the tower’s appeal even after years of vacancy.

A Challenging History

Despite its strategic location, the tower languished in emptiness after its previous owner fell behind on loan repayments to the Commercial Bank of Dubai. The financial institution ultimately seized control of the building before selling it to Sajwani’s firm, AHS Properties. Unfortunately, representatives from the bank chose not to comment on the deal.

The revival of this long-dormant project arrives at a time when Dubai’s commercial real estate market is thriving. With a surge of global financial firms and affluent individuals attracted to Dubai for its tax incentives, year-round sunshine, and favorable time zone bridging Asia and Europe, demand for office space has never been higher. According to Cushman & Wakefield, the occupancy rate for Grade A offices reached 95.5% in the third quarter.

Growth in the Financial Hub

The Dubai International Financial Centre has solidified its status as a bustling hub, hosting offices for over 100 hedge fund firms and nearly 500 wealth and asset management companies. In response to this growing demand, authorities have initiated the construction of three new towers within the financial district while also retrofitting an existing building to accommodate startups in the hedge fund industry.

Founded in 2021, AHS Properties has predominantly directed its efforts toward high-end residential projects, a sector experiencing significant growth lately.

Future Developments and Aspirations

Sajwani has indicated that the company is in discussions with financial institutions to secure around $300 million through a sukuk issuance. The funds are intended for land acquisition and the development of new projects in the future.

In addition to his role at AHS Properties, Sajwani is also a board member of Damac Group, one of Dubai’s leading privately held property developers, established by his father. The elder Sajwani is known for his long-standing business partnership with former U.S. President Donald Trump and boasts a net worth exceeding $13 billion, according to the Bloomberg Billionaires Index.

This tower, constructed during the global financial crisis that significantly disrupted Dubai’s real estate market, has faced numerous delays and disputes that kept it unfinished for an extended period. Once the refurbishment concludes, the tower, now rebranded as AHS Tower, will discard the clock-face design that earned it the “Big Ben” nickname, ushering in a new era for this iconic structure.