TECOM expands portfolio with Dhs1.7bn acquisition, new developments

Image: Tecom Group

TECOM Group has finalised the acquisition of new commercial and industrial assets as part of the Dhs1.7bn strategic plan announced in May.

This move marks a significant milestone in the group’s expansion, reinforcing its role as a key driver in Dubai’s commercial and industrial real estate sectors.

As part of this strategic plan, TECOM Group also announced the development of Grade-A office spaces worth Dhs340m at Dubai Internet City, launching Phase 3 of the Innovation Hub. These investments bring the group’s total investments in 2024 to over Dhs2bn.

The new acquisitions and developments will boost its portfolio of commercial leasing gross leasable area (GLA) to over 10 million square feet.

Additionally, the acquisition of new land expands the group’s managed land leasing portfolio to 179 million square feet, strengthening its role in shaping the industrial landscape in Dubai and the UAE.

Strategic expansion a priority for TECOM

Abdulla Belhoul, CEO of TECOM Group, commented on the expansion: “The new strategic acquisitions and projects worth Dhs2bn reflect our vision of fostering sustainable growth. The 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.”

Read: TECOM Group reports 24% surge in H1 net profit

The group continues to demonstrate solid performance across all business segments, driven by robust demand for its commercial and industrial assets.

The group’s strategic expansion plans are being funded through existing sources, including a revolving credit facility, ensuring a healthy leverage and liquidity position post-transaction.