TECOM acquires an integrated campus in Dubai Academic City

TECOM Group, listed on the Dubai Financial Market, which owns and operates specialized business parks focusing on vital sectors in Dubai, has acquired an integrated campus that includes multiple buildings, with a total area of ​​more than 300,000 square feet in Dubai International Academic City, in response to strong demand in the higher education sector.

The group stated that this acquisition aims to meet the growing demand from leading international universities for distinguished educational assets, driven by government strategies and initiatives, including the National Strategy for Higher Education 2030, the Dubai Economic Agenda (D33), and the Dubai Education Strategy 2033. It will also contribute to enhancing the leading role of the education sector of the “TECOM Group”, which includes Dubai International Academic City and Dubai Knowledge Park, where this sector records high occupancy rates of 99%.

The group revealed that this acquisition comes at a value of 125 million dirhams, within the framework of the group’s strategy to expand and achieve sustainable growth, raising the value of its total investments in the portfolio of commercial and industrial assets to more than 5.5 billion dirhams, since the listing of its shares on the Dubai Financial Market in July 2022. TECOM Group also intends to carry out development and modernization of the buildings and facilities of the acquired campus, in a way that ensures the highest standards of quality.

TECOM Group CEO, Abdullah Belhoul, said: “This acquisition reflects the group’s commitment to continuing to advance the higher education sector, which contributes to consolidating the position of the UAE and Dubai as a leading global destination for education and talent development.”

He added: “Dubai International Academic City has the necessary capabilities and resources to meet the growing demand for academics and talent from all over the world, in line with the objectives of the National Strategy for Higher Education 2030, the Dubai Economic Agenda (D33), and the Dubai Education Strategy 2033.” He continued: “This acquisition, which comes within the framework of the group’s expansion strategy, will contribute to enhancing the ability of Dubai International Academic City to attract a global elite of the most prominent academic institutions,” pointing out that the group’s education sector includes more than 85% of students enrolled in private higher education institutions in Dubai, which reinforces the keenness to continue benefiting from the growth opportunities available to improve the group’s portfolio of educational assets, and achieve added and sustainable value for shareholders.

TECOM Group confirmed that it financed this acquisition from its current resources, in light of its keenness to continue maintaining its strong financial position and flexible liquidity, noting that the aforementioned acquisition process was subject to thoughtful and precise procedures that comply with all market regulations and governance controls, in addition to following evaluation standards through independent parties approved by regulatory authorities.

Abdullah Belhoul:

The acquisition comes within the framework of the Group’s expansion strategy, and enhances the ability of Dubai International Academic City to attract the most prominent academic institutions.