Tecom Group has acquired a comprehensive campus, consisting of multiple buildings with a total area exceeding 300,000 square feet, located in Dubai Academic City. This acquisition comes in response to the strong demand in the higher education sector. Its purpose is to address the increasing needs of leading international universities for high-quality educational assets, propelled by key government strategies and initiatives, including the National Higher Education Strategy 2030, the Dubai Economic Agenda D33, and the Dubai Education Strategy 2033. Additionally, this move will enhance Tecom Group’s leadership role in the education sector, which includes Dubai Academic City and the Dubai Knowledge Park, where occupancy rates are remarkably high at 99%.
The acquisition, valued at 125 million AED, aligns with Tecom Group’s strategy for expansion and sustainable growth, raising its total investments in its commercial and industrial asset portfolio to over 5.5 billion AED since its shares were listed on the Dubai Financial Market in July 2022. Tecom Group also plans to carry out development and modernization of the acquired campus buildings and facilities, ensuring the highest quality standards are met.
Abdullah Alhool, the CEO of Tecom Group, stated that this acquisition illustrates the group’s commitment to enhancing the higher education sector, reinforcing the UAE’s and Dubai’s status as a global hub for education and talent development. He added, “Dubai Academic City possesses the necessary capabilities and resources to meet the growing demand from academics and talents across the globe, aligning with the objectives of the National Higher Education Strategy 2030, the Dubai Economic Agenda D33, and the Dubai Education Strategy 2033.”
He continued, “This acquisition, part of the group’s expansion strategy, will further strengthen Dubai Academic City’s ability to attract a global elite of top academic institutions. Tecom Group’s education sector accounts for over 85% of students enrolled in private higher education institutions throughout Dubai, reinforcing our commitment to capitalizing on growth opportunities available to enhance the group’s educational asset portfolio and provide sustainable value to our shareholders.”
It is noteworthy that Tecom Group financed this acquisition from its existing resources while maintaining its strong financial position and liquidity. The acquisition process underwent careful and thorough procedures, complying with all market regulations and governance controls.