About 95% of the units have already been sold, generating roughly US$600 million, he said.
Despite its prime location, the tower had remained vacant after its previous owner fell behind on debt repayments to Commercial Bank of Dubai PSC. The lender eventually took control of the building before selling it to Sajwani’s firm, AHS Properties. Representatives for the bank declined to comment on the transaction.
The revival of the long-stalled project comes as Dubai’s commercial property market remains tight, buoyed by an influx of global financial firms and wealthy individuals drawn by tax-free income, year-round sunshine, and a time zone that spans Asian and European markets. Grade A office occupancy stood at 95.5% in the third quarter, according to Cushman & Wakefield.
The Dubai International Financial Centre has become a hotspot, hosting offices of more than 100 hedge fund firms and nearly 500 wealth and asset managers. Authorities have responded by constructing three new towers in the financial hub and retrofitting another to accommodate hedge fund startups.
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Established in 2021, AHS Properties has primarily focused on high-end residential developments, a sector that has surged in recent years.
The firm is in talks with banks about raising around US$300 million through a sukuk, Sajwani said. The proceeds would be used to acquire land and develop new projects.
Sajwani also sits on the board of Damac Group, one of Dubai’s largest privately held developers, founded by his father — a longtime business partner of US President Donald Trump — whose net worth exceeds US$13 billion, according to the Bloomberg Billionaires Index.
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The tower, built around the time of the global financial crisis that upended Dubai’s property market, was beset by delays and disputes, leaving it unfinished for years. Once refurbishment is complete, the building — now rebranded as AHS Tower — will lose the clock-face design that earned it the “Big Ben” moniker.
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