Tecom CEO: We remain a pillar for Dubai’s businesses
Innovation Hub Phase 2 will be a prime project in Internet City and set to be home for more household names in tech and new media
Tecom Group CEO Abdulla Belhoul says changes to the way businesses can operate in the Dubai district will help the success of its new $120mn development.
Tecom Group revealed earlier this week that it had broken ground on the Innovation Hub Phase 2 Project, which will add more than 355,000 sq. ft. of space at Dubai Internet City, amid high demand for commercial real estate in the emirate.
Tecom is expanding its leasing portfolio to capture the increasing demand in Dubai’s commercial real estate market, underpinned by the emirate’s economic development and the government’s pro-growth strategies.
The Innovation Hub Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces.
“Tecom remains a pillar for Dubai’s business hub proposition,” said Belhoul. “New regulatory frameworks and the ease of doing business are accelerating economic growth and reinforcing investor and business confidence. We’re seeing the success of our leadership’s economic diversification strategy reflected in our commercial and industrial real estate portfolio performance this year due to an influx of new companies and talent.”
To be completed by 2024, the Innovation Hub Phase 2 will provide specialised tech offices at Dubai Internet City amid high demand for commercial real estate in Dubai.
Launched in 2018, the Phase 1 of the Innovation Hub is almost at full capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom a base in the region.
With additional stages in the pipeline, the completed Innovation Hub project is expected to add more than 1.2 million sq. ft. of space for technology, education and new media businesses of all sizes to the Group’s portfolio.
