The Emirati Tecom Group, listed on the Dubai Financial Market, announced today, Monday, the laying of the foundation stone for the second phase of the “Innovation Center” in Dubai Internet City.
According to TECOM's statement, the value of the investment in the second phase of the Innovation Center is set to be around 442 million dirhams.
UAE Tecom expects to start the final stages of project development after 2024.
The investment in the second phase of the Innovation Center comes at a time when the Emirate of Dubai is witnessing a remarkable growth in the level of demand for the commercial real estate market as a result of the economic boom and government strategies aimed at enhancing the ease of doing business.
The financial performance of the Emirati Tecom Group in the third quarter of this year reflects the upward growth of the commercial real estate market, as the group’s revenues increased by 12.48% year-on-year, to reach 490 million dirhams, driven by an increase in occupancy rates at the level of the asset portfolio, especially office space, warehouses and staff housing.
