TECOM Acquires a Comprehensive Campus in Dubai Academic City
TECOM Group, a company listed on the Dubai Financial Market that manages specialized business complexes in Dubai, has announced its acquisition of a comprehensive campus spanning over 300,000 square feet in Dubai Academic City. This acquisition addresses the growing demand in the higher education sector and reflects TECOM’s commitment to enhancing Dubai’s status as a global educational hub.
Responding to Growing Demand in Higher Education
TECOM Group clarified that its acquisition of the campus aims to meet the needs of leading international universities seeking distinguished educational assets. This move is driven by several government initiatives, including the National Higher Education Strategy 2030 and the Dubai Economic Agenda (D33). The educational sector under TECOM Group includes Dubai Academic City and Dubai Knowledge Park, where this sector records occupancy rates of up to 99%.
Sustainable Expansion and Growth
The acquisition deal, valued at AED 125 million, raises TECOM’s investments in its commercial and industrial portfolio to over AED 5.5 billion since its listing on the Dubai Financial Market in July 2022. The company also intends to upgrade and develop the campus infrastructure to ensure the highest quality standards in education.
Leadership Statements on the Acquisition
Abdullah Al-Hool, CEO of TECOM Group, stated: “This acquisition reflects the group’s commitment to continuously elevate the higher education sector, contributing to establishing the UAE and Dubai as a leading global educational destination.” He added, “Our acquisition will enhance Dubai Academic City’s ability to attract prestigious academic institutions, aligning with the aspirations of the country’s education strategies.”
Financing and Regulatory Compliance
TECOM Group confirmed that it financed the acquisition from its current resources while maintaining a strong financial position. The acquisition procedures underwent rigorous audits compliant with all regulatory requirements, adhering to evaluation standards set by accredited independent parties.
TECOM’s plan is clear in strengthening and deepening its investments in education, which will help achieve added value for shareholders in the future and enhance ongoing efforts to elevate the higher education sector in Dubai.