Power Letters 2023: Abdulla Belhoul, chief executive officer, Tecom Group

This past year we welcomed the promised return to normalcy.

Our leadership’s swift response to the Covid-19 pandemic set the UAE up for a transformative 2022. Economic growth has been strong, underpinned by a rebound in domestic business, travel and tourism, and events.

The International Monetary Fund projected the UAE’s GDP to cross six per cent this year – a 3.8 per cent increase from 2021 that nods to renewed business and investor confidence.

We are seeing efforts to sustain that momentum through several government-led initiatives. Increased access to work and residency visas, enhanced business frameworks and strategic trade agreements, are directing greater investment and business to the UAE.

Complemented by our strategic location on the world map, Dubai is truly a global business hub.

This reflects in the surge of new licences and residents, which are boosting demand in the commercial leasing sector. Citywide office occupancy levels in Q3 2022 hit the highest peak since 2014, and demand for high-quality spaces is swelling as more people return to the office.

Last year, we opened our investor base by listing shares on the Dubai Financial Market (DFM) to increase access to investment. Listing has also allowed  shareholders to tap into Dubai’s positive business climate and attractive dividend yield. We have seen some of our strongest occupancy levels for commercial and industrial assets in years, and retention remains high.

Not only are new customers making long-term commitments with our group, but several strategic customers are expanding their presence in our districts. All six sectors in which we operate have enjoyed sustainable growth, which we expect will continue as we head into the new year.

Higher-level strategies such as Operation 300bn, the National Strategy for the Cultural and Creative Industries and Make it in the Emirates reflect the government’s commitment to uplifting vital economic sectors. Free trade agreements with India, Indonesia and Israel, respectively, are opening Dubai to even more trade and investment networks, with several promising negotiations still in the works.

Focused on attracting international brands

As Dubai embeds innovation into its economic framework, we will continue to attract international brands, services and products, while enhancing the offering as a regional epicentre of R&D and creativity.

Dubai Science Park and Dubai Internet City already feature purpose-built innovation and R&D centres by the likes of Himalaya, Firmenich, Motorola Solutions and Intel. Ecosystems like Dubai Design District and Dubai Media City are turning our emirate to the frontlines of the design, creative and culture industries.

Where there was Paris, Milan and New York, there is Dubai. This year will see our imprint as influencers of global ideas, trends and breakthroughs, grow.

Digital transformation has accelerated in every sector, from manufacturing to education. As many parts of the world look to accommodate new work environments, Tecom Group remains committed to providing companies with modern and flexible spaces to engage. Our ecosystems will continue to be where diverse businesses, talent and industries can converge, exchange ideas and create lasting impact.

Alongside attracting global brands, we will concentrate on nurturing entrepreneurship and homegrown talent. By creating synergy across key economic sectors like design, education, manufacturing, media, science and technology, we can deliver a business ecosystem where the whole is greater than the sum of its parts.

Read: Tecom group’s net profit for first nine months rises by 51% to Dhs639m