Tecom Group to invest AED 1.6 bn in Dubai Industrial City expansion: Business district developer Tecom Group approved an AED 1.6 bn investment to acquire 138 land plots spanning 33 mn sq ft in Dubai Industrial City, according to a DFM disclosure (pdf). The land will be purchased from Dubai Holding Asset Management through Tecom’s subsidiary Dubai Industrial City, raising the group’s industrial land portfolio to more than 209 mn sq ft.

The details: Tecom Group will fund the acquisition using its existing resources under a flexible repayment plan, and expects to begin recognizing revenue from the expanded land bank within 12-24 months.

This brings the group’s total investments in its commercial and industrial portfolio to AED 4.3 bn since 2024. In May 2024, Tecom’s board approved an AED 1.7 bn acquisition plan comprising AED 966 mn for 13.9 mn sq ft of land in Dubai Industrial City — now fully leased — and later hiked total investments up to AED 2 bn to develop offices in Dubai Internet City and Dubai Design District. It also later signed an agreement to purchase a AED 720 mn commercial asset in Dubai Internet City from Emirates REIT.

Occupancy across Tecom’s portfolio stood at 95% in 1H 2025, up from 92% a year earlier, with land lease occupancy at 99%. The company’s customer base grew 5% y-o-y to over 12.2k.

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