Dubai – Mubasher: Tecom Group completed the acquisition of new commercial and industrial assets as part of an AED 1.70 billion strategic plan that was announced in May 2024, according to a press release.
This aligns with the group’s announcement to develop premium Grade-A office spaces valued at AED 340 million at Dubai Internet City with the launch of Innovation Hub Phase 3, bringing the total value of its investments in 2024 to more than AED 2 billion.
The strategic plan boosts Tecom’s portfolio of commercial assets to exceed 10 million square feet (sq.ft.) of gross leasable area (GLA) and its land leasing portfolio to 179 million sq.ft.
Abdulla Belhoul, CEO of Tecom, commented: “Tecom Group is committed to continuing its pivotal role in bolstering the UAE's and Dubai’s knowledge-based economy and shaping the future of business through our world-class ecosystems that attract and empower globally renowned companies and talent across our 10 specialised business districts.”
The ADX-listed group commenced the development of six Grade-A office buildings within Phase 2 of Dubai Design District (d3). The new development spans a gross floor area of 629,000 sq.ft. and represents an investment of AED 825 million.
Abdulla Belhoul said: "Phase 2 of Dubai Design District (d3) is a landmark development that will significantly contribute to Dubai’s thriving design, fashion, and creative sectors.”
“Spanning a GLA of more than 500,000 sq.ft., this new office space will be built in line with LEED certification standards and is set for completion by H1 2028,” he added.
In addition, Tecom launched Grade-A offices at Dubai Internet City with Innovation Hub Phase 3, an AED 340 million development that will address the growing demand for high-quality commercial real estate in the city.
To be completed in mid-2027, Innovation Hub Phase 3 will offer premium office spaces and headquarters tailored to customer specifications across a GLA of more than 167,000 sq.ft.
The development follows Phase 2 of Innovation Hub, which offers a GLA of 366,000 sq.ft. and has been fully leased ahead of its scheduled delivery date of early 2025.
Phase 1 of the Innovation Hub serves as the regional headquarters for technology sector leaders from around the world.
The two transactions were concluded through an AED 420 million transaction that will add 334,000 sq.ft. of premium GLA to Tecom’s commercial portfolio.
In the first half (H1) of 2024, the company recorded 24% year-on-year (YoY) higher net profits at AED 603.04 million.
