Tecom Acquires Campus in Dubai Academic City
In a strategic move to enhance its position in the higher education sector, Tecom Group announced its acquisition of a campus comprising several buildings in Dubai Academic City. This step comes in response to the increasing demand for higher education, aiming to meet the needs of prominent international universities while providing an exceptional educational environment. This achievement aligns with the UAE’s ambitious vision and national strategies.
Responding to Growing Demand in Higher Education
Tecom Group has acquired a campus that spans over 300,000 square feet, addressing the strong and growing demand in the higher education sector. This acquisition reflects the group’s commitment to investing in outstanding educational assets that meet the needs of global universities. It also supports the strategic vision adopted by the government, including the National Higher Education Strategy 2030 and the Dubai Economic Agenda D33.
Enhancing Sustainable Growth and Increasing Investment Value
The acquisition agreement, valued at 125 million dirhams, raises Tecom Group’s total investments in its portfolio of commercial and industrial assets to over 5.5 billion dirhams since its shares were listed on the Dubai Financial Market in July 2022. This acquisition contributes to the group’s sustainable growth by developing and modernizing the buildings and facilities within the campus, with a focus on ensuring the quality of education.
Looking Toward the Future
Abdullah Al-Houl, CEO of Tecom Group, stated, “This acquisition reflects the group’s commitment to elevating the higher education sector and enhances the UAE and Dubai’s position as a global educational destination.” He added, “Dubai Academic City has all the capabilities to meet the growing demand from academics and talents from around the world.”
Al-Houl concluded by affirming that this acquisition, part of Tecom Group’s expansion strategy, will positively impact the academic city’s ability to attract global academic institutions, noting that the group’s education sector attracts over 85% of students enrolled in private higher education institutions in Dubai.
It is worth mentioning that Tecom Group financed this acquisition from its current resources, maintaining its strong financial position and robust governance framework, reflecting its commitment to adhering to all applicable regulations in the market.