Page 100 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:53 AM TECOM Group acquires Office Park in Dubai Internet City for $196 million
TECOM Group acquires Office Park in Dubai Internet City for $196 million
Currently generating annual revenue exceeding AED60 million, TECOM Group will
recognize this income starting Q4 2024

The property boasts an impressive 88 percent occupancy rate and serves as a strategic hub for notable global firms such as Coca-
Cola, Uber, and Red Hat (Image: Dubai Media Office)
Published: Mon 21 Oct 2024, 2:31 PM
TECOM Group, through its subsidiary TECOM Investments FZ LLC, has completed the acquisition
of Office Park from Emirates REIT for AED720 million ($196.03 million), growing its portfolio of
premium commercial assets and reinforcing its leading position at the forefront of Dubai’s
commercial real estate sector.
Strategically located in Dubai Internet City, Office Park, the region’s leading tech hub and part of
TECOM Group, showcases the group’s commitment to achieving strategic growth and healthy
financial performance through the expansion of its asset portfolio. This acquisition brings TECOM
Group’s asset investments in 2024 to over AED2.7 billion.
Financial performance boost
Office Park is a prime grade-A commercial asset that will have an immediate positive impact on the
group’s financial performance. Moreover, it will also offer promising sustainable yield and value
creation.
“The acquisition of Office Park builds on TECOM Group’s strategic role in enabling Dubai’s
business landscape. It confirms the group’s leading position in the city’s commercial real estate
sector, which continues to outperform global peers,” said Abdulla Belhoul, CEO of TECOM Group.

Belhoul explained that the group’s exceptional operational and financial performance allows it to
actively address the demand for Grade-A commercial and industrial assets.
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