Kuwait Investment Authority bought the Standard Chartered tower in the Dubai’s downtown district. The 13-storey building sold for AED650 million according to developer Gulf Resources Development and Investment. The building was among the first commercial towers to be built in Dubai in the aftermath of the financial crisis. Before then, most developers sold office buildings to multiple owners, often with a different owner for each floor. Companies shunned those buildings and some started teaming up with developers to build suitable towers. Standard Chartered in 2011 said it was leasing eight of the 13 floors for at least 15 years. Oil company BP Plc and law firm DLA Piper LLP also have offices in the tower. (Bloomberg)