Page 120 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:55 AM TECOM Group Finalizes AED 720 Million Acquisition
Dubai’s TECOM Group Expands Portfolio with

AED 720 Million Acquisition

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TECOM Group has completed its AED 720 million acquisition of Office Park in Dubai
Internet City. The deal reinforces TECOM’s leadership in Dubai and adds to the Group’s
growing portfolio of high-quality assets.

By Savio Jacob October 21, 2024

October 21st, 2024: Dubai-TECOM Group PJSC has officially made an AED 720 million investment in
the acquisition of Office Park, which remains one of the star commercial properties of Dubai Internet
City, the leading technology park in the region.

In addition to enhancing TECOM’s commercial assets portfolio, this acquisition also further cements the
position of the company in Dubai’s fast-changing real estate landscape.

With the conclusion of this deal, the company’s investments in 2024 stand at AED 2.7 billion. This
demonstrates the company’s desire to invest for the longer term.

Office Park is 370,000 square feet in size with a grade A commercial asset and 88 percent current
occupancy. The property is occupied by many global brands including Coca-Cola, Uber, and Red Hat;
hence its position as a regional headquarters is well reinforced.

The acquisition of Office Park builds on TECOM Group’s strategic role in enabling Dubai’s
business landscape,”

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