TECOM Group has successfully completed its acquisition of new commercial and industrial assets as part of its AED1.7 billion strategic expansion plan announced in May 2024.
This latest milestone aligns with the Group's broader investment strategy, which includes developing premium Grade-A office spaces valued at AED340 million at Dubai Internet City.
The launch of Innovation Hub Phase 3 is a key component of this strategy, contributing to a total investment of over AED2 billion for 2024. This development will add 167,000 sq.ft. of high-quality office space, set to complete by mid-2027, addressing the rising demand for top-tier commercial real estate in Dubai.
TECOM Group’s portfolio now boasts over 10 million sq.ft. of gross leasable area (GLA), with its land leasing portfolio expanding to 179 million sq.ft. This expansion reinforces the Group's position as a pivotal player in Dubai's commercial and industrial real estate market.
Abdulla Belhoul, CEO of TECOM Group, highlighted the Group's commitment to sustainable growth and its role in advancing Dubai's knowledge-based economy.
"Our investments reflect our vision of fostering long-term growth and supporting Dubai's economic agenda,"
Belhoul said.
"We aim to create world-class ecosystems that attract global companies and talent."
In addition to the Innovation Hub Phase 3, TECOM Group has initiated the development of six Grade-A office buildings in Phase 2 of Dubai Design District (d3), encompassing 629,000 sq.ft. and representing an AED825 million investment.
Furthermore, the Group has acquired two operational Grade-A office buildings at Dubai Internet City through a AED420 million transaction, enhancing its commercial portfolio by 334,000 sq.ft. of premium GLA. A recent AED410 million transaction has also expanded its industrial land bank at Dubai Industrial City by 13.9 million sq.ft., strengthening its role in Dubai’s industrial sector.
These strategic acquisitions and developments underscore TECOM Group's ongoing commitment to supporting Dubai's economic growth and industrial diversification, aligning with initiatives like Operation 300bn, Make it in the Emirates, and D33.
News Source: Emirates News Agency
