Page 115 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:54 AM TECOM Group Acquires Office Park for AED 720 Million
acquisition, TECOM Group's total asset investments for 2024 exceed AED 2.7 billion,

promising immediate positive impacts on the Group’s financial outlook and delivering

sustainable yields and value creation.

“The acquisition of Office Park solidifies TECOM Group’s

strategic role in shaping Dubai’s business landscape,”

stated Abdulla Belhoul, CEO of TECOM Group PJSC.

“It highlights our leading position in the commercial real

estate sector, which is outpacing global counterparts.”

Office Park comprises five interconnected blocks with a Gross Leasable Area (GLA) of
370,761 sq. ft. and boasts modern design elements alongside breathtaking views of

Dubai’s shoreline, including Palm Jumeirah. Currently, the property maintains an

impressive 88% occupancy rate and serves as a strategic hub for notable global firms such

as Coca-Cola, Uber, and Red Hat.

The facility, generating annual revenue exceeding AED 60 million, offers significant

opportunities for growth through optimized rental rates and improved occupancy levels.

With long-term lease commitments and mixed-use facilities, including offices, retail spaces,
and distinguished restaurants, TECOM Group is well-positioned to meet the ongoing

demand for Grade-A commercial spaces in Dubai.

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