Currency
Units
Dubai real estate is a steadily growing investment market from leading developers: Emaar, Meraas, Dubai Properties, DAMAC, The Select Group and other companies.
- blogs
- tecom-is-investing-in-dubai-acquisition-and-development-plan
Tecom is Investing 463M USD in Dubai Acquisition and Development Plan
The decision to invest heavily in d3 shows a particular commitment. It is to reinforcing Dubais position as a leading global business hub. The new office buildings will cater to the growing needs of businesses in Dubai. Brands that want modern & high quality office spaces can benefit from this. The development plan aligns with TECOM strategy to enhance its portfolio. And to support the growing business ecosystem in Dubai.
About Tecom Group
TECOM Group PJSC is a public company that develops & manages business districts in the UAE. It aims to position Dubai as a global business & talent hub. Dubai Development Authority (DDA) is oversees Tecom operations. The Group itself has 10 business districts under its supervision. These span across 6 economic sectors.
The sectors include design, education, manufacturing, media, science, & technology. The company offers offices & co working spaces for businesses. Warehouses are also offered to large organizations. They have offered land to over 11000 customers & more than 124000 professionals.
The Investment Plan
Tecom Group has approved a Dh1.7 billion ($463 million) acquisition & development plan. This is to support the growth of the company. Investment of Dh966 million is in the places. It is to acquire commercial & industrial assets from Dubai Holding Asset Management (DHAM). Dh689 million will be used to develop grade A offices in Dubai Design District (d3).
The acquisitions will involve 2 grade A office buildings in Dubai Internet City. These will be valued at Dh420 million. A combined gross leasable area of 334000 sq. ft. is in the plans. The investment has a strong customer base of tech companies. Tecom will acquire 13.9 million sq. ft. of industrial land in Dubai Industrial City for Dh410 million.
Investment in the Development Sector
Tecom Group is set to invest Dh689 million in the development of 6 new grade A office buildings in Dubai Design District (d3). This substantial investment will result in a total gross leasable area of 503000 square feet.
The new office buildings are projected to be completed by 2028. These will cater to the increasing demand from businesses in the region. The decision to focus on the mainstream sectors reflects the growing interest of the masses. The need for high quality office spaces within d3 is in a huge demand. It is a hub for creative & design oriented companies.
The company plans to expand its portfolio with latest office facilities. Tecom aims to provide modern & versatile workspaces. These will align with the evolving requirements of these dynamic industries.