Tecom Group, a leading developer of specialized business districts and communities, has recently completed the acquisition of new commercial and industrial assets as part of a strategic plan worth Dh1.7 billion. This milestone is part of the Group’s commitment to developing premium Grade-A office spaces at Dubai Internet City and expanding its portfolio to more than Dh2 billion in investments for the year 2024.
The strategic plan will increase Tecom Group’s portfolio of high-quality commercial assets to over 10 million sq ft of gross leasable area (GLA) and its land leasing portfolio to 179 million sq ft. The CEO, Abdulla Belhoul, highlighted the vision of fostering sustainable growth and continuing to play a pivotal role in shaping the future of the UAE’s knowledge-based economy through world-class ecosystems.
One of the key developments is the construction of six Grade-A office buildings within Phase 2 of Dubai Design District (d3), with an investment of Dh825 million. This project aims to meet the needs of existing and future clients and accommodate growing customer demand, particularly from global companies in the creative sectors. The office spaces will feature stunning views of the Dubai skyline and will be complemented by sports facilities, community spaces, and fine dining options.
Additionally, Tecom Group has launched Grade-A offices at Dubai Internet City with Innovation Hub Phase 3, a Dh340 million development to address the growing demand for high-quality commercial real estate in the city. The project is set for completion in mid-2027 and will offer premium office spaces tailored to customer specifications. The acquisition of two operational Grade-A office buildings at Dubai Internet City further adds 334,000 sq ft of premium GLA to the Group’s commercial portfolio.
In line with Dubai’s economic growth initiatives, Tecom Group has expanded its industrial portfolio by acquiring a land bank spanning 13.9 million sq ft for industrial leasing at Dubai Industrial City. This transaction, valued at Dh410 million, raises the Group’s total managed land leasing portfolio to 179 million sq ft. The additional land bank is attracting interest for long-term leasing purposes and solidifies Dubai Industrial City’s position as a premier hub for manufacturing and logistics customers.
Tecom Group’s strong performance across all business segments is driven by robust demand for its commercial and industrial assets, Dubai’s economic growth, and the ease of doing business in the region. The new acquisitions are set to enable continued sustainable growth and strengthen the Group’s strategic expansion plans. With a healthy leverage and liquidity position, Tecom Group is well-positioned to seize strategic opportunities and support future growth.
