Dubai's 'Big Ben' Tower Revival Spurs $600M Pre-Leasing Surge

Dubai's skyline is set to undergo a transformation as a once-vacant skyscraper on the edge of the city's financial district prepares for a $120 million revival. The 300-meter tower, known locally as "Big Ben" for its architectural resemblance to London's iconic landmark, has stood empty for nearly a decade. Now, Abbas Sajwani, the 26-year-old heir to billionaire developer Hussain Sajwani, has acquired the building and announced a full-scale refurbishment. The project is expected to wrap up by the end of 2026.

The younger Sajwani said that about 95% of the tower's units have already been sold, generating $600 million in pre-leasing. The building had remained vacant after its previous owner defaulted on debt to Commercial Bank of Dubai PSC, which eventually sold the property to Sajwani's firm, AHS Properties. The revival comes at a time when Dubai's commercial real estate market is experiencing a surge in demand, particularly from global financial firms and wealth managers.

Grade A office occupancy in Dubai reached 95.5% in the third quarter, according to Cushman & Wakefield. The Dubai International Financial Centre (DIFC) has become a magnet for hedge fund firms and asset managers, with more than 100 hedge funds and nearly 500 wealth management companies now based there. Authorities have responded by constructing three new towers and retrofitting existing ones to accommodate the growing demand.

A Strategic Move in a Competitive Market

AHS Properties, established in 2021, has focused primarily on high-end residential developments, a sector that has seen rapid growth in recent years. The Sajwani family, which has long been a major player in Dubai's real estate market, is now positioning itself to capitalize on the current boom in commercial property demand. Abbas Sajwani, who is also a member of the Sajwani Group, said the family has been eyeing opportunities in both residential and commercial assets.

The timing of the "Big Ben" acquisition is strategic, given Dubai's ongoing efforts to attract global financial services. The city's tax-free income, favorable business environment, and strategic location between Asian and European markets have made it an attractive destination for international investors.

The Sajwanis are not the only players expanding in the market. India's NBCC (India) Ltd recently entered Dubai's real estate sector, purchasing a prime land parcel for a mixed-use development.

Funding and Expansion Plans

Abbas Sajwani is in talks with banks about raising around $300 million through a sukuk, a form of Islamic finance that has gained traction in the Gulf region. The funding will support further development and expansion of AHS Properties. The company's plans align with Dubai's broader strategy to diversify its economy and reduce reliance on oil.

In the same month, South Korean water-tech firm ECOPEACE announced its expansion into Singapore and Dubai with AI-driven water-cleanup technology. While unrelated to real estate, the move underscores Dubai's growing appeal as a hub for innovation and green technology. The city has been investing heavily in smart infrastructure, and the integration of environmental technologies is expected to play a key role in future developments.

The Sajwani family's investment in the "Big Ben" tower is a sign of confidence in Dubai's property market. The city's commercial real estate sector is currently in high demand, with new towers and retrofit projects being fast-tracked to meet the needs of expanding financial firms. The revival of a once-vacant asset is a strong signal that Dubai's property market remains resilient despite global economic uncertainties.

For investors, the project highlights the potential for high returns in Dubai's real estate sector, particularly for developers with access to capital and strategic locations. The city's regulatory environment and infrastructure investments have made it one of the most attractive markets in the Middle East. As AHS Properties moves forward with its plans, industry observers will be watching closely to see how the market responds to the influx of new commercial developments.