Alpha Data has disclosed the acquisition of 18 office units in Addax Tower on Al Reem Island, Abu Dhabi, for AED 41 million through a related-party transaction involving the company’s founders and major shareholders.
The properties were previously leased by Alpha Data from its founders under long-term rental agreements. Following the transaction, the company will own the office units directly instead of continuing to lease them.
According to the company’s disclosure dated October 8, 2026, the transaction was completed at a valuation approved by shareholders during their meeting on June 10, 2026.
The sellers comprise Ibbini Investment, which holds a 33.33% interest in the properties, and Bin Hamoodah Company, which holds the remaining 66.67%.
Fayez Ibbini, Alpha Data’s Chief Executive Officer, Director and major shareholder, is also a major shareholder of Ibbini Investment.
Alpha Data explained that the properties had originally been transferred to its founders as part of the company’s initial public offering process. The latest transaction brings these real estate assets back under the company’s ownership.
The acquisition is intended to improve Alpha Data’s In-Country Value (ICV) score, an important factor in evaluating and awarding government and semi-government contracts in the UAE.
By increasing its investment in UAE-based real estate, Alpha Data expects to strengthen its competitiveness when bidding for government-related projects while adding the office units to its asset base.
The company disclosed that the transaction represents 136.67% of its capital and that the properties were evaluated by three independent asset valuers holding valid licences in the UAE and Abu Dhabi Global Market.
Alpha Data confirmed that it considers the transaction’s terms fair and reasonable and in the interests of its shareholders.
Source: Alpha Data
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
