The TECOM Group introduced the approval of the Board of Administrators to a strategic plan for development and improvement, on the Board assembly held yesterday.
Underneath the built-in plan, TECOM Group will make investments 966 million dirhams to accumulate a bunch of business and industrial belongings from Dubai Holding Asset Administration (DHIM), along with allocating 689 million dirhams to develop prime workplace areas within the Planning space.
The strategic positive factors are in step with the group’s clear and particular enlargement plan which goals to realize sustainable development and continued robust efficiency, by rising the portfolio of top quality and versatile business and industrial belongings, and including new and sustainable sources of revenue to assist. its continued development, thus reinforcing the group’s main place in creating built-in enterprise environments and strategic sectors in Dubai, in addition to attaining the best advantages and finest returns for shareholders within the medium and long run.
The CEO of TECOM Group, Abdullah Belhoul, mentioned: “As we transfer ahead to implement the strategic plan for development and improvement price 1.7 billion dirhams, (Tecom Group) owns the substances and the weather essential to make the most of the distinctive alternatives obtainable there. the business actual property market in Dubai, and these The plan not solely represents an enlargement of our asset portfolio, however is a strategic step to make the most of the present market dynamics and our advance imaginative and prescient in direction of maintaining with the wants of the long run, similtaneously our dedication to proceed our distinguished position in selling the expansion of the data financial system in Dubai and the UAE alike , and getting the perfect return for our shareholders.
He mentioned: “The strategic plan is totally in step with one of many basic pillars of our development technique, which is exploring new sources of development, increasing our choices, and rising the worth of our asset portfolio . The enlargement step via development contracts has at all times been a fantastic assist in accelerating our formidable development tempo and maintaining tempo with altering developments out there.”
He continued: “Because of sensible monetary administration and adoption of the perfect capital construction, in addition to the group’s robust monetary efficiency in 2023 and the primary quarter of 2024, the group has the monetary capabilities essential to to implement these contracts, whereas on the identical time sustaining a powerful monetary place and adequate liquidity.”
The strategic plan for development and improvement consists of the next funds:
1- Buildings with prime workplace house in Dubai Web Metropolis, the place TECOM Investments, a subsidiary of the TECOM Group, will purchase two prime workplace buildings in Dubai Web Metropolis from Dubai Holding Asset Administration “D HIM” with a price a complete of 420 million dirhams.
2- Group of industrial land in Dubai Industrial Metropolis, the place Dubai Industrial Metropolis, a subsidiary of TECOM Group, will purchase a number of industrial land with a complete space of 13.9 million sq. ft of allotted land for enterprise use from Dubai Holding Asset Administration “DH”.
3- A mission to develop firstclass workplace house in Dubai Design District, the place Dubai Design District, a subsidiary of TECOM Group, will purchase a complete ground space of 629,000 sq. ft from Dubai Holding Asset Administration (DHA). price 136 million dirhams inside the “Design Quarter” mixed-use mission within the second section of the Dubai Design District. The group plans to allocate 689 million dirhams for the development of six first-class workplace buildings with a complete space of 503,000 sq. ft.
It needs to be famous that the beforehand talked about benefits have been topic to considerate and detailed procedures by which market laws and regulatory management have been taken into consideration, in addition to following the very best requirements when it comes to valuation, as they have been carried out by an impartial third social gathering. social gathering permitted by the regulatory authorities.
The group has a powerful monetary place and adequate liquidity to have the ability to full the proposed acquisitions, counting on present assets, and with out the necessity for exterior financing. furthermore, due to its robust monetary efficiency, pushed by comparatively low debt ranges and plentiful liquidity. . The group will profit from as much as 3.2 billion dirhams of credit score amenities that it acquired after the refinancing settlement it concluded in 2023, which has extra aggressive financing situations.
2024-05-16 00:05:00
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