Tecom Group Acquires a Comprehensive Campus in Dubai Academic City
Tecom Group, listed on the Dubai Financial Market under the symbol “TECOM,” has announced its acquisition of a comprehensive campus in Dubai Academic City, covering over 300,000 square feet. This acquisition responds to the growing demand in the higher education sector and aims to enhance the group’s role in this vital field. It is expected to support ambitious government strategies, such as the National Higher Education Strategy 2030 and the Dubai Economic Agenda D33, emphasizing the importance of education in reinforcing Dubai and the UAE’s status as a leading global educational destination.
Objectives of the Acquisition and Its Support for Education Sector Growth
Through its acquisition of the campus in Dubai Academic City, Tecom Group aims to meet the increasing demand from renowned international universities for exceptional educational assets. This acquisition seeks to enhance the performance of the group’s educational sector, which includes Dubai Academic City and Dubai Knowledge Park, both of which have recorded high occupancy rates of up to 99%.
Deal Details and Sustainable Growth
The deal was valued at 125 million AED as part of Tecom Group’s expansion plan aimed at achieving sustainable growth. With this acquisition, the total value of the group’s investments in its commercial and industrial asset portfolio will exceed 5.5 billion AED since its listing on the Dubai Financial Market in July 2022. The group also plans to implement updates and improvements across all buildings and facilities on the campus to ensure the highest quality standards are met.
Statements from Group Leadership
Abdullah Balhol, CEO of Tecom Group, commented on the acquisition, stating, “This acquisition reflects the group’s commitment to advancing the higher education sector, contributing to the UAE’s establishment as a leading global center for education and talent development.” He added, “This acquisition will enhance Dubai Academic City’s ability to attract top international academic institutions.”
Dubai Academic City is a turning point in the higher education landscape, hosting a diverse range of global universities such as Amity University Dubai and the Indian Institute of Management Ahmedabad, ensuring students receive high-quality education in an inspiring environment. With this new investment, Tecom Group is poised to create more growth opportunities and enhance its educational portfolio, benefiting all stakeholders in this sector.
Compliance with Regulatory Standards
This acquisition was financed through the group’s existing resources, affirming its strong financial capacity and flexible policy. The acquisition process adhered to all regulatory standards, executed in accordance with governance controls and independent evaluation criteria.
Dubai Academic City is a remarkable destination for education and academic excellence, offering diverse educational options that meet students’ needs. This move by Tecom Group strengthens the educational landscape in Dubai, supporting a promising future vision for further achievements in the educational sector.