Dubai – Mubasher: The board members of Tecom Group approved the acquisition of 33 million sq.ft of land at Dubai Industrial City for AED 1.60 billion, according to a press release.
The deal with Dubai Holding Asset Management will expand the DFM-listed group’s land portfolio to more than 209 million sq.ft.
The move strengthens Dubai Industrial City’s appeal to manufacturers and logistics companies, with the hub currently operating at 99% occupancy.
Tecom will finance the new acquisition through its existing resources based on a flexible repayment schedule and start to recognize revenue from the additional land bank within the next 12-24 months.
Following the transaction, the group will maintain a healthy leverage and liquidity position.
Abdulla Belhoul, CEO of TECOM Group, said: “With a future-focused strategy underpinned by our healthy liquidity, we are leveraging favorable market dynamics and actively investing towards growing our world-class portfolio of industrial assets with the aim of unlocking greater long-term value for our shareholders.”
In the first half (H1) of 2025, Tecom Group achieved 22% year-on-year (YoY) higher net profits valued at AED 737.42 million, compared with AED 603.04 million.
