Aamal Company (Aamal), one of the region’s largest and most diversified companies, has announced that through its subsidiary, Aamal Real Estate (ARE), it will purchase the Golden Aamal Tower located in Onaiza, Doha, for QR478.4 million. The price is based on a valuation from Cushman & Wakefield Qatar, an independent firm.
Currently, Al Jazi Real Estate, a related party, owns the property. The Golden Aamal Tower consists of 32 floors, including 33 commercial office units on the first 15 floors and 72 residential apartments from floors 16 to 32. The building also includes three basement levels with parking for 341 cars. Located in the popular Onaiza area, the tower has an 88% occupancy rate, showing its appeal to tenants.
The Aamal Tower purchase supports Aamal’s strategy of expanding its income-generating assets. With the current occupancy rates, the property is expected to bring in about QR20 million annually in rental income. Moreover, Aamal expects 3% to 5% growth in rental income each year. The company plans to fully finance the Aamal Tower purchaseusing a bank facility.
In addition, the investment will create several benefits for Aamal. By consolidating multiple subsidiaries in one place, Aamal will lower its reliance on outside rental spaces. This move should lead to long-term savings and operational efficiencies. Furthermore, Aamal expects significant growth in property value due to Qatar’s strong economy.
Rashid bin Ali Al Mansoori, CEO of Aamal Company, commented, “This purchase fits into our long-term strategy to build a strong portfolio of high-quality real estate. The Golden Aamal Tower not only provides high rental returns but also operational efficiencies. Bringing several of our subsidiaries into one building helps us achieve our goals of growth and cost savings, benefiting our shareholders.”
This Aamal Tower purchase highlights Aamal’s commitment to increasing shareholder value through smart, income-generating investments.
