Tecom Group is constructing an office project at Dubai Internet City, as demand for commercial property in the emirate rises.
Tecom Group operates business districts in Dubai, which is home to over 7,800 companies. The company broke ground on the second phase of the Innovation Hub, with a total investment of AED442 million, the company said in an emailed statement on Monday.
The new project, due for completion by 2024, will see two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces.
In addition, the Innovation Hub Phase 2 will provide more than 355,000 square feet of gross leasable area (GLA).
“Across our portfolio, existing customers are expanding their operations, complemented by an inflow of new foreign investment,” Tecom Group’s chief executive Abdulla Belhoul said.
Belhoul added: “Bespoke solutions like the Innovation Hub address the need for high-quality commercial spaces, helping strengthen Dubai’s position as an attractive global business and talent hub.”
The project, which was launched in 2018, saw the first phase of the Innovation Hub almost at full capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom a base in the region.
The completed Innovation Hub project is expected to add more than 1.2 million square feet of space for technology, education and new media businesses of all sizes to the Group’s portfolio, the statement said.
“Ready-to-use facilities like our Innovation Hub enable customers to hit the ground running,” Tecom Group’s executive vice president of commercial leasing Ammar Al Malik said.
Al Malik added: “Expanding our district’s commercial offering to cater to the Emirate’s growing business appetite will enrich our global community with innovation-driven brands and talent.”
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