Bloomberg has revealed that businessman Abbas Sajwani, son of the founder and chairman of Damac Properties, has purchased the famous 'Clock Tower' or 'Big Ben' for its resemblance to the famous clock tower in London. The tower is located on Sheikh Zayed Road and stands at a height of 328 meters. Sajwani bought the tower last year for $120 million (approximately 441 million dirhams) and expects to complete renovations by the end of 2026. In an interview, he revealed that about 95% of the units have already been sold, generating revenues of around $600 million (approximately 2.2 billion dirhams). According to Bloomberg, the tower has been vacant for nearly a decade after its previous owner defaulted on debts to a bank in Dubai. The bank eventually took over the building before selling it to AHS Properties, while bank representatives declined to comment on the deal. Once the renovations are complete, the building, which has now been renamed 'AHS Tower', will lose its clock-face design and its 'Big Ben' nickname.
