- Innovation Hub Phase 1 nears full capacity, home to global technology players Google, Hewlett-Packard, Gartner and China Telecom
- Groundbreaking marks the start of Phase 2 of the Innovation Hub with an investment of over AED440 million
- Innovation Hub Phase 2 project will add over 355,000 square feet of space for technology, education and new media businesses
- that of Dubai the commercial real estate market is in high demand, with citywide occupancy levels at 83% – the highest since 2014
Dubai, United Arab Emirates, December 19, 2022 /PRNewswire/ — TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), has inaugurated Phase 2 of the Innovation Hub at Dubai Internet City, as that of Dubai the legislative framework and the ease of doing business attract a large number of international companies and investors. The Group is expanding its leasing portfolio to capture the growing demand for that of Dubai commercial real estate market supported by the emirate’s economic development and the government’s pro-growth strategies.
Inauguration of phase 2 of the Dubai Internet City Innovation Hub
Dubai Internet City Innovation Hub – Phase 2
The new investment of AED442 million underscores TECOM Group’s commitment to expanding and adapting its portfolio to the needs of emerging sectors and attracting global companies. It will provide clients with high-quality commercial office buildings, state-of-the-art office space and corporate headquarters tailored to client specifications.
Abdulla Belhoul, Managing Director of TECOM Group, said: “TECOM Group remains a pillar for that of Dubai business hub proposal. New regulatory frameworks and the ease of doing business are accelerating economic growth and boosting investor and business confidence. We see the success of our leadership’s economic diversification strategy reflected in the performance of our commercial and industrial real estate portfolio this year due to an influx of new business and talent.
“Across our portfolio, existing clients are expanding their operations, complemented by an influx of new foreign investment. Bespoke solutions like the Innovation Hub address the need for high-quality commercial spaces, helping to strengthen that of Dubai position as an attractive global business and talent hub. It also solidifies TECOM Group as the emirate’s largest commercial property owner and our key role in driving innovation and business growth development in dubai.”
The financial performance of TECOM Group in the third quarter of 2022 reflects the upward trend in the commercial real estate market. Revenue was AED 490 million, up 12.48% year-on-year (YoY), driven by higher occupancy levels across the portfolio, particularly offices , warehouses and housing for workers.
The Innovation Hub Phase 2 expands the assets of the TECOM Group with two high-end office buildings, four boutique offices, retail spaces and over 800 parking spaces. Due to be completed by 2024, the Innovation Hub Phase 2 will offer over 355,000 square feet of gross leasable area (GLA).
Launched in 2018, the first phase of the Innovation Hub is nearing capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom with a base in the region. With additional milestones in the pipeline, the completed Innovation Hub project is expected to add more than 1.2 million square feet of space for technology, education and new media companies of all sizes to the group’s portfolio.
TECOM Group has cultivated a global business and technology hub under Dubai Internet City. Today, it represents a comprehensive community of Fortune 500 companies, SMBs, start-ups and entrepreneurs. Recent additions include Motorola Solutions and Intel, while longtime customers 3M, Visa and Meta were upgraded to new headquarters last year. Dubai Internet City also includes more than 15 innovation centers powered by customers such as Visa, MasterCard, SAP, Google and 3Mthat promote regional digital transformation.
Commenting on behalf of Dubai Internet City, Ammar Al MalikExecutive Vice President – Commercial Leasing, Groupe TECOM PJSCsaid: “that of Dubai the pursuit of a knowledge and innovation economy relies on a solid technological framework. For over 20 years, Dubai Internet City has provided the necessary infrastructure and environment where the entire tech community can converge. Plug-and-play facilities like our Innovation Center allow customers to get to work. Expanding our district’s business offering to meet the emirate’s growing business appetite will enrich our global community with innovation-driven brands and talent. »
According to the CORE Dubai Market Report Q3 2022, the emirate is experiencing growth in the number of new licenses and new residents, which is driving demand in the commercial leasing sector. The report also found that office occupancy levels across the city are the highest since peaking in 2014, rising to 83% in the third quarter from 78% last year.
About Dubai Internet City
Dubai Internet City, a member of the TECOM PJSC group, is the largest technology hub in the MENA region. Home to Fortune 500 corporations, SMEs, start-ups and entrepreneurs, Dubai Internet City has been a cornerstone of the UAE’s economic diversification and digital transformation strategy for more than 20 years. Founded in 1999, the TECOM group owns, manages and operates 10 strategic and sectoral business districts across dubai and a major contributor to the rapid growth of that of Dubai economy based on knowledge and innovation.
About TECOM Group PJSC
The TECOM group has developed strategic and sectoral business districts across the emirate of dubai since 1999. TECOM Group is well positioned to continue to play a vital role in cementing that of Dubai status as a global business and talent hub.
The TECOM Group portfolio consists of 10 business districts serving 6 vital knowledge-based economic sectors including design, education, manufacturing, media, science and technology. The Group offers more than 7,800 customers and more than 100,000 professionals a varied and tailor-made rental portfolio – which includes offices, co-working spaces, warehouses and land.
The TECOM Group offers additional value-added services to provide a competitive and attractive environment in which businesses and entrepreneurs can thrive and to facilitate engagement among district community members. Government and enterprise services are made available through an integrated intelligent services platform, “axs”, which improves the ease of doing business and provides community members with a seamless experience.
The TECOM Group also provides specialized facilities for the industry, including multimedia production studios, laboratories and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation hubs supporting start-ups and SMEs in technology, media and design. Its forward-looking coworking spaces D/Quarters provide stimulating work environments for tenants, and the “GoFreelance” package serves approximately 2,400 freelance talents.
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Photo: https://mma.prnewswire.com/media/1971107/Innovation_Hub_2.jpg
SOURCE TECOM Group
