Dubai, UAE – Tecom Group, which owns and operates specialized business parks focusing on vital sectors in Dubai, launched the fourth phase of the Innovation Center project in Dubai Internet City.
This is to meet the growing demand for first-class office space by global companies within promising economic sectors.
The fourth phase of the project contributes to continuing to consolidate Dubai Internet City’s position as a leading destination in the region for the most prominent global and regional technology companies.
Its total leasable area is 263,000 square feet, valued at AED 615 million.
The development of the fourth phase of this project enhances Tecom Group’s strategic growth plans.
It also increases its total investments in the “Innovation Center” project in Dubai Internet City to reach 2 billion dirhams.
This announcement comes in the wake of the remarkable success of the third phase of the Innovation Center.
Which was fully leased before its scheduled completion date in 2027.
The second phase of the project was completed and fully leased to Fortune 500 companies and a group of leading digital economists.
While the first phase is the main pillar for launching this project, which is considered a leading destination for the most prominent technology companies in the world, such as Google and Gartner.
The fourth phase of the Innovation Center will contribute to strengthening the Tecom Group’s portfolio of first-class commercial assets.
To enhance its ability to meet the needs of new and existing customers in the technology sector when fully completed in 2028.
This is in light of the growing demand for premium office space driven by pioneering government strategies.
strong financial performance
The launch of this phase comes after Tecom announced that it recorded strong financial performance during the first nine months of this year.
Which was driven by high occupancy rates, average rental values, improved operational efficiency, and strategic expansion in the group’s distinguished commercial and industrial asset portfolio.
The group also announced that it recorded revenues worth more than 2.1 billion dirhams, a growth of 20% year-on-year during the first nine months of this year.
While net profits exceeded AED 1.1 billion, with a growth rate of 18% year-on-year.
This is compared to the same period of the previous year.
