Page 112 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:54 AM TECOM Group Completes Acquisition of Office Park in Dubai
acquisition further adds premium commercial real estate assets to TECOM

Group’s portfolio and reifies the company as a leader in Dubai.

The acquisition of Office Park perfectly aligns with TECOM Group’s long-term

strategy of growing its asset base while maintaining robust financial

performance. Having increased TECOM’s total investments in 2024 to over AED

2.7 billion, this acquisition will bring in a higher yield and value creation

opportunity for the Group.

Strategic Value and Financial Impact

Located in the MENA region’s flagship technology park and a constituent of

TECOM Group, Dubai Internet City is where Office Park is located. It comprises

five blocks connected together, with 370,761 sq.ft of GLA. Currently 88%

occupied, this office park works as a hub for international companies like Coca-

Cola, Uber, and Red Hat among others. The strategic location of this property

and the high occupancy rate will give TECOM Group leeway to work towards

maximising rental income in Dubai, up against soaring demand for grade A

commercial spaces.

TECOM Group’s CEO, Abdulla Belhoul, said: “The acquisition of Office Park

reinforces 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.”

He also mentioned that the Group can meet the increasing demand for

premium commercial and industrial properties with several entities in the

Group well-positioned to benefit from the business-friendly environment

presented by Dubai and driven by long-term initiatives such as the Dubai

Economic Agenda ‘D33’.

https://www.businessoutreach.in/tecom-group-office-park-acquisition/ 2/3