Aamal Company to buy Golden Aamal Tower for QR478.4mn

16/07/2025 02:43 AST

Aamal Company has entered into an agreement with Al Jazi Real Estate to purchase the Golden (Aamal) Tower located in Onaiza, for a total price of QR478.4mn.

The purchase price was determined based on an independent valuation conducted by Cushman and Wakefield Qatar, a valuation firm accredited by the relevant regulatory authorities.

The property is currently owned by Al Jazi Real Estate, which is a related party. The transaction would be executed through Aamal Real Estate, a wholly owned subsidiary of Aamal Company, which signed agreement with Al Jazi Real Estate.

The Golden (Aamal) Tower is a prominent mixed-use property with a total of 32 floors comprising 33 commercial office units across 15 floors and 72 residential apartments from floors 16 to 32, with three basement levels providing parking for 341 vehicles.

Strategically positioned in the high-demand Onaiza area, the property boasts an 88% occupancy rate reflecting its position as a preferred choice among tenants.

The purchase aligns with Aamal's strategic vision to expand its recurring income portfolio. Based on current occupancy levels, the property is expected to generate approximately QR20mn in annual rental income, with projected growth of 3% to 5% per annum. The purchase will be fully financed through a bank facility under Aamal Company.

This investment is expected to yield multiple synergies for Aamal, particularly by centralising several group subsidiaries under one roof, reducing third-party rental dependence, and creating long-term cost efficiencies. Moreover, the company anticipates significant capital appreciation, supported by Qatar's strong economy.

"This purchase reflects our strategy to expand our real estate portfolio with profitable and high-quality assets in terms of location and asset type, which includes a mix of commercial and residential," said Aamal Company chief executive officer Rashid bin Ali al-Mansoori.

The Golden (Aamal) Tower is not only a high-quality asset in a prime location, but it also offers long-term value through strong rental returns and operational efficiencies, according to him.

This purchase underscores Aamal's commitment to enhancing shareholder value through sound, income-generating investments and prudent financial strategy.

Gulf Times