TECOM Group Publicizes Strategic Plan for Development and Growth with 1.7 Billion Dirhams Funding

The TECOM Group introduced the approval of the Board of Administrators to a strategic plan for building and growth, on the Board assembly held yesterday. Beneath the built-in plan, TECOM Group will make investments 966 million dirhams to amass a gaggle of business and industrial belongings from Dubai Holding Asset Administration (DHIM), along with allocating an quantity of 689 million dirhams to amass first-class workplace areas growth within the Dubai space for planning.
The strategic acquisitions are in keeping with the group’s clear and well-defined enlargement plan which goals to realize sustainable development and continued robust efficiency, by rising its portfolio of high-quality and versatile industrial and industrial belongings and ‘ add new and sustainable sources of revenue to help it. development, thus reinforcing the group’s main position in growing enterprise environments.
The CEO of TECOM Group, Abdullah Belhoul, mentioned: “As we transfer ahead to implement the strategic plan for building and growth price 1.7 billion dirhams, TECOM Group has all of the components and components which is important to reap the benefits of the distinctive alternatives accessible within the industrial actual property. Market in Dubai. in parallel with our dedication to proceed our outstanding position in selling the expansion of the data economic system in Dubai and the UAE alike, and attaining the absolute best end result for our purchasers -shareholders and all stakeholders.” .
He mentioned: “The strategic plan is totally in line with one of many elementary pillars of our development technique, which is exploring new sources of development and increasing our choices, in addition to rising the worth of our asset portfolio has all the time been an awesome help in accelerating our bold development tempo and conserving tempo with altering market developments.”
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 robust monetary place and enough liquidity.”
The strategic plan for building and growth consists of the next funds:
1- Buildings with prime workplace area in Dubai Web Metropolis TECOM Investments, a subsidiary of the TECOM Group, will purchase two prime workplace buildings in Dubai Web Metropolis from Dubai Holding Asset Administration (DHIM). 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 land on allotted for enterprise use from Dubai Holding Asset Administration “DHIM” for a complete worth of 410 million dirhams, with the purpose of accelerating land inventory and assembly robust and steady demand for these belongings.

3- A undertaking to develop first-class workplace area within the Dubai Design District, the place Dubai Design District, a subsidiary of TECOM Group, will purchase a complete flooring space of ​​629,000 sq. ft from Dubai Holding Asset Administration (DHIM) for a worth of 136 million dirhams inside the “Design Quarter” mixed-use undertaking within the second part 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 during which market rules and regulatory management have been taken into consideration, in addition to following the very best requirements by way of valuation, as they have been carried out by an impartial third get together. get together accredited by the regulatory authorities.
The group has a robust monetary place and enough liquidity to have the ability to full deliberate acquisitions in response to current assets and with out the necessity for additional exterior financing, attributable to its monetary efficiency robust, pushed by comparatively low debt ranges and plentiful liquidity. The group will profit from as much as 3.2 billion dirhams of credit score services that it obtained after the refinancing settlement it concluded in 2023, which has extra aggressive financing situations.