Abbas Sajwani has turned a $120m bet on one of Dubai’s most recognisable unfinished landmarks into a $600m windfall before the building has even opened its doors, according to Bloomberg.
The 26-year-old son of Damac founder Hussain Sajwani acquired the 71-storey Al Yaqoub Tower from Commercial Bank of Dubai last year and has already sold 95 per cent of the units in what is now called AHS Tower, Bloomberg has reported.
The building, known locally as ‘Big Ben’ for its resemblance to London’s Elizabeth Tower, has stood empty since 2013 following a financial dispute between the previous owners and CBD.
A recent prospectus obtained by Arabian Business shows the tower minus its rooftop clock.
Image: Arabian Business
Sajwani’s AHS Properties aims to complete the 328-metre tower by the fourth quarter of 2026 to capitalise on surging demand for prime office space in Dubai’s financial district, Bloomberg reports.
According to commercial real estate services firm Cushman & Wakefield, Grade A office occupancy in Dubai hit 95.5 per cent in the third quarter of 2025.
The building will offer 69 levels of Grade A office space, 17 express elevators, over 500 parking spaces and dedicated amenity floors featuring private spas and fitness facilities.
Sajwani told Bloomberg that AHS Properties, established in 2021, has primarily focused on high-end residential developments but is now eyeing further expansion.
The firm is in talks with banks about raising around $300m through a sukuk to acquire land and develop new projects.
