Billionaire Heir Reviving Dormant Dubai Office Skyscraper

The “Big Ben” skyscraper in Dubai has seen little movement in the office landscape over the past decade. The son of a billionaire developer in the Middle East has his sights set on fixing that.

Abbas Sajwani, son of Hussain Sajwani, is revitalizing the rebranded AHS Tower in the United Arab Emirates’ biggest city, Bloomberg reported. His efforts are to breathe fresh life into a property — crafted in the image of the London landmark — that’s been vacant in the city’s financial district for a decade.

The Sajwani scion purchased the property last year for $120 million. His firm, AHS Properties, bought the building from its lender after the prior owner fell behind on debt payments to the Commercial Bank of Dubai. Even before that, the Al Yaqoub Group dealt with delays and conflicts, struggling to get it over the finish line.

Since his acquisition, Sajwani has sold approximately 95 percent of units at the office property, he claimed, generating close to $600 million.

Work on the renovation is expected to be completed by the end of next year. When finished, it will no longer sport the facade that earned it the “Big Ben” moniker in the first place.

AHS, which was founded four years ago and specializes largely in the high-end residential sector, is capitalizing on the movement of global financial firms and rich individuals looking for a tax haven in Dubai. The occupancy rate for the city’s Class A office market was 95.5 percent in the third quarter, according to Cushman & Wakefield.

Sajwani could have more projects on the horizon soon. AHS is talking with banks about a $300 million raise through a sukuk, a bond-like financing security that complies with Sharia principles. Money generated through that would go towards land acquisitions and new developments.

Sajwani is following in the footsteps of his father, who founded Damac Group, a development firm that frequently finds itself conducting business with Donald Trump. Hussain Sajwani is one of the world’s wealthiest individuals, sporting a net worth above $13 billion.

— Holden Walter-Warner