TECOM Group, the developer and operator of Dubai’s specialized business districts, has announced a significant expansion with the launch of Phase 4 of its Innovation Hub in Dubai Internet City. The $167.4 million development is a direct response to the escalating demand for Grade-A office spaces from global and regional technology companies looking to establish or expand their presence in the emirate.
Meeting Surging Demand
The new phase will add 263,000 sq. ft. of gross leasable area (GLA) to the ecosystem, bringing TECOM Group’s total investment in the Innovation Hub to over $544 million. Set for completion in 2028, this expansion builds on the remarkable success of its predecessors.
Phase 3 of the hub is already fully leased ahead of its 2027 completion, while Phase 2 is fully occupied by Fortune 500 firms and major players in the digital economy. The initial Phase 1 continues to host world-renowned tech giants like Google and Gartner, cementing the Innovation Hub’s reputation as the premier launchpad for multinational technology firms in the Middle East.
A Strategic Pillar For Dubai’s D33 Agenda
This investment underscores TECOM Group’s commitment to fostering Dubai’s knowledge-based economy and aligns with strategic national initiatives like the UAE’s Digital Economy Strategy and the Dubai Economic Agenda ‘D33’.
“The launch of Innovation Hub Phase 4 reflects TECOM Group’s ongoing commitment to supporting vital future-focused economic activity in the UAE and Dubai,” said Abdulla Belhoul, CEO of TECOM Group. “The UAE’s and Dubai’s globally renowned pro-business framework, coupled with visionary strategies… continue to highlight our nation’s ability to attract future-focused innovators and investors.”
Belhoul added, “Our healthy liquidity and strategic roadmap for sustainable growth ensure we are well-placed to capitalize on favorable market dynamics, and we will continue to expand TECOM Group’s portfolio in high-growth sectors that promote innovation to deliver long-term value for our shareholders.”
Strong Financials Fueling Growth
The group plans to self-finance the new development, a move supported by its strong recent financial performance. In its latest full-year results, TECOM Group reported revenues surpassing $571.8 million and a net profit of over $299.5 million, marking significant year-on-year growth. This robust financial position enables the group to strategically reinvest in its portfolio to meet the evolving needs of Dubai’s rapidly expanding digital economy.
About TECOM Group
TECOM Group PJSC is a strategic business enabler contributing to the realization of Dubai’s economic aspirations. For over two decades, the group has been developing and managing a portfolio of 10 specialized business districts across Dubai, including Dubai Internet City, Dubai Media City, and Dubai Design District (d3). These ecosystems provide a home for over 11,000 companies and 124,000 professionals, fostering innovation and growth in vital economic sectors.
Source: Fast Company Middle East
