Dubai developer to refurbish long-vacant ‘Big Ben’ tower
AHS Properties, owned by Abbas Sajwani, the son of Damac founder Hussain Sajwani, has reportedly acquired a long-vacant commercial high-rise on Sheikh Zayed Road.
The decade-old 328-metre-high tower was acquired from Commercial Bank of Dubai for $120 million, Abbas Sajwani told Bloomberg.
The building, nicknamed “Big Ben” for its resemblance to London’s famous clock tower (although the name actually refers to the bell inside the tower), is undergoing refurbishment, with completion slated by the end of 2026.
Around 95 percent of the units have been sold, generating $600 million, Sajwani said.
The tower remained vacant after its previous owner missed debt repayments to the Dubai-based lender. However, the building will be rebranded as AHS Tower and will lose the clock-face design.
Office rents in Dubai grew on average by 19 percent in the 12 months to the third quarter of 2025 and were up 3 percent quarter on quarter, according to CBRE.
Demand continues to outpace supply, leading corporate occupiers to consider early pre-leasing discussions with landlords on upcoming projects in DIFC Squre, Dubai CommerCity and Innovation Hub, the real estate consultancy said.
Established in 2021, AHS Properties develops high-end residential projects with its gross development value at $2.7 billion, according to its website.
The company is discussing with banks to raise $300 million through a sukuk, Sajwani said.
The proceeds will be used to acquire land and develop new projects, he said.
Further reading:
- State of the market: Dubai property in depth
- Residential sales plummet in Riyadh as prices rise
- State of the market: Abu Dhabi and RAK property
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