- Tecom Group, the creator of strategic business districts in Dubai, has received board approval for its ‘Strategic Acquisition and Development Plan’. This ambitious plan, valued at AED 1.7bn, supports the group’s efforts to enable sustainable growth and innovation within Dubai’s commercial real estate sector. As part of the plan, Tecom will invest Dhs966m to acquire commercial and industrial assets from Dubai Holding Asset Management (DHAM).
- This move aims to strengthen the group’s portfolio and enhance its position in key strategic sectors across Dubai. A further AED 689m will be allocated to develop grade A offices in Dubai Design District. Abdulla Belhoul, CEO of Tecom Group, expressed optimism about the strategic plan. He said: “Tecom Group is well equipped to capitalise on the unique opportunities that Dubai’s commercial real estate market offers. This plan is not just an expansion of our asset base; it is a strategic move to harness favourable market dynamics.”
Why it matters
Tecom Investment will acquire two grade A office buildings from DHAM with a combined value of AED 420m. These buildings, situated in Dubai Internet City, have a gross leasable area of 334,000 square feet with a high occupancy level consisting of a customer base that includes leading regional and international tech companies.
