Abbas Sajwani has turned a $120m wager on one in every of Dubai’s most recognisable unfinished landmarks right into a $600m windfall earlier than the constructing has even opened its doorways, in line with Bloomberg.
The 26-year-old son of Damac founder Hussain Sajwani acquired the 71-storey Al Yaqoub Tower from Industrial Financial institution of Dubai final yr and has already offered 95 per cent of the items in what’s now known as AHS Tower, Bloomberg has reported.
The constructing, recognized regionally as ‘Huge Ben’ for its resemblance to London’s Elizabeth Tower, has stood empty since 2013 following a monetary dispute between the earlier homeowners and CBD.
A latest prospectus obtained by Arabian Enterprise reveals the tower minus its rooftop clock.
Sajwani’s AHS Properties goals to finish the 328-metre tower by the fourth quarter of 2026 to capitalise on surging demand for prime workplace area in Dubai’s monetary district, Bloomberg reviews.
In response to industrial actual property providers agency Cushman & Wakefield, Grade A workplace occupancy in Dubai hit 95.5 per cent within the third quarter of 2025.
The constructing will provide 69 ranges of Grade A workplace area, 17 categorical elevators, over 500 parking areas and devoted amenity flooring that includes non-public spas and health amenities.
Sajwani advised Bloomberg that AHS Properties, established in 2021, has primarily targeted on high-end residential developments however is now eyeing additional enlargement.
The agency is in talks with banks about elevating round $300m by means of a sukuk to amass land and develop new initiatives.
