What's being built and why it matters
Abbas Sajwani, founder and chief executive of AHS Properties and son of Damac Group founder Hussain Sajwani, is rolling out his second office tower in a marquee Dubai location. The plan calls for turning the Shangri-La Hotel on Sheikh Zayed Road into the AHS Twin Towers, a complex totaling 1 million square feet.
He bought the 200 metre tall Shangri-La earlier this year for $300 million, one of Dubai's largest single asset deals in recent years. "This is a key location," he said, highlighting views of the Burj Khalifa and the sea.
What's inside and how sales will work
The plan includes premium office space, a spa and fitness center of about 30,000 square feet, plus restaurant space exceeding 12,000 square feet. Investors will be able to buy freehold stakes, with floors offered off plan at an initial asking price above 4,000 dirhams per square foot. AHS aims to retain roughly one fifth of the finished project for its own rentals.
Sajwani said the proposed renovation budget exceeds $100 million and the design is by Gensler, with the goal of attracting corporate tenants such as large law firms and financial businesses.
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Timing, market signals, and the competitive backdrop
Speaking ahead of the official launch, Sajwani said the project should be finished by mid-2028. The announcement follows a new Sheikh Zayed Road skyscraper tie-up between global developer LMD and Christian A. Rockefeller, and comes as H&H Development builds a $1.4 billion district called the Water Gardens in Dubai's financial center.
Despite conflict affecting the region, CBRE reports Dubai office rents climbed 13% in the second quarter from a year earlier, with prime up 16% and occupancy around 94%.
The bigger picture for your portfolio
Sajwani said travel and hotel occupancy were hit by the war, but he always aimed to convert this asset to offices and does not see the conflict impacting Dubai, which earlier this year intercepted missiles and drones launched by Iran. "The city is back to full functionality," he said.
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