Abbas Sajwani’s $120 million investment in Dubai‘s iconic yet unfinished Al Yaqoub Tower, colloquially known as ‘Big Ben’, has dramatically transformed into a $600 million success even before the building has officially opened its doors. This remarkable turnaround captures the growing vibrancy of the Dubai real estate market and highlights Sajwani’s strategic vision in reviving a prominent landmark.
A Transformative Acquisition
Last year, the 26-year-old son of Damac founder Hussain Sajwani purchased the 71-story Al Yaqoub Tower from the Commercial Bank of Dubai. According to reports from Bloomberg, Sajwani has successfully sold 95 percent of the units in the tower, now rebranded as AHS Tower. This swift uptake of interest further underscores the pent-up demand in the region’s premium property segment.
The tower gained its nickname ‘Big Ben’ due to its resemblance to London’s famed Elizabeth Tower, but it has remained vacant since 2013, following a financial dispute between prior owners and the bank. A recent prospectus obtained by Arabian Business reveals the current structure of the tower, notably missing its rooftop clock, showcasing the potential for what is to come.
Strategic Development Plans
Sajwani’s company, AHS Properties, is targeting a completion date for the 328-meter tower by the fourth quarter of 2026, aiming to harness the rising demand for premium office space in Dubai’s bustling financial district. As noted by Cushman & Wakefield, Grade A office occupancy in Dubai reached an impressive 95.5 percent in the third quarter of 2025, demonstrating a thriving market landscape.
The revamped building will provide an array of amenities, including 69 levels of Grade A office spaces, 17 high-speed elevators, over 500 parking spaces, and dedicated floors for amenities such as private spas and fitness centers. This comprehensive offering signals a competitive advantage in attracting high-profile tenants and corporations.
Future Aspirations and Financing Initiatives
In an interview with Bloomberg, Sajwani detailed that AHS Properties, founded in 2021, has primarily concentrated on luxury residential projects but is eager to diversify further into commercial real estate. The firm is currently exploring options to raise approximately $300 million through a sukuk to fund land acquisitions and future developments, showcasing Sajwani’s ambitious approach to scaling his operations.
Abbas Sajwani’s $120 million ‘Big Ben’ tower bet is not merely about transforming an empty structure; it embodies a strategic pivot in Dubai’s real estate landscape, reflecting broader trends and a renewed confidence in the market. As he pushes forward, the successful execution of these ambitious plans could potentially redefine the skyline of Dubai and solidify his legacy in the industry.