TECOM Group explained

TECOM Group
Hq Location:Dubai Studio City, Commercial Building 1
Hq Location City:Dubai
Hq Location Country:UAE
Type:Public
Industry:Real estate
Owner:Dubai Holding
Founded:2005
Subsid:

TECOM Group PJSC is a public company headquartered in Dubai, the United Arab Emirates, and traded on the Dubai Financial Market (DFM)  under the symbol TECOM. Before the IPO, TECOM Group was a member-owned by Dubai Holding, a UAE state-owned enterprise. Dubai Holding remains one of the stakeholders of TECOM Group.[1] [2] [3]

As of 2023, TECOM Group's portfolio consisted of 10 business districts catering to companies operating in design, education, manufacturing, media, science, and technology. [4] [5]

History

TECOM Group has been developing business districts and associated facilities in Dubai since 1999. The group has worked with the Dubai Government on Dubai Design District, Dubai Industrial City,[6] [7] Dubai Internet City,[8] Dubai Industrial City,[9] [10] and Dubai Science Park.[11] [12] TECOM manages Dubai Internet City, Dubai Media City, Dubai Studio City and Dubai International Academic City.[13] [14] [15] [16] Dubai Design District (d3) is also a part of the group's themed developments portfolio, located adjacent to the Business Bay area.[17] Emirates Towers District is the latest addition to the group's portfolio of business communities.[18]

The group launched an innovation strategy worth AED 4.5 billion to create infrastructure and drive entrepreneurship. This includes developing innovative parks, creative spaces, technology laboratories, and smart buildings, launching new business incubators, and establishing a start-up fund to stimulate innovation.[19] As part of this, the group launched a new platform for entrepreneurs and media start-ups. The group first invested in incubation and innovation centers in 2013, within Dubai Internet City, which has since worked with more than 20,000 people on hackathons, competitions, and community events.[20] [21]

TECOM Group has collaborated with the UAE’s Ministry of Industry and Advanced Technology (MOIAT) to facilitate the country’s decarbonization efforts. It is also working on developing a freight terminal for the UAE’s national railway project, Etihad Rail. [22] [23]

In June 2022, the Group announced its intention to float on the DFM, subsequently raising $1.67 billion from an IPO. It started trading on the DFM in July 2022.

In February 2018, Malek Al Malek took over as Group CEO of TECOM Group, replacing Dr. Amina Al Rustamani.[24] After the public listing, Al Malek was named Chairman of the Group. [25] Abdulla Belhoul is the present CEO of TECOM Group. [26]

Financial performance

For the year 2022, Tecom Group posted a net profit of AED 725.6 million.[27]

Business platforms

Notes and References

  1. Web site: 9 June 2022 . Dubai Holding Asset Management to sell 12.5 percent stake in Tecom Group amidst UAE IPO boom . 27 March 2023 . arabianbusiness.com.
  2. Web site: Ahmed . Zubina . 2022-07-06 . Tecom Group commences trading on the Dubai financial market . 2023-03-09 . en-US.
  3. Web site: 2022-05-07 . TECOM Group commences trading on Dubai Financial Market . 2023-03-09 . wam.ae.
  4. Web site: About us - Developing Economic Sectors - TECOM Group . 23 March 2023 . tecomgroup.ae.
  5. Web site: 19 December 2022 . TECOM Group breaks ground on specialised tech offices at Dubai Internet City amid high demand for commercial real estate in Dubai . 23 March 2023 . finance.yahoo.com . https://web.archive.org/web/20230412120421/https://finance.yahoo.com/news/tecom-group-breaks-ground-specialised-092300175.html?guccounter=2 . 12 April 2023 .
  6. Web site: iecddubai.ae. Dubai Islamic Economy Development Centre. 2016-06-30.
  7. Web site: Gulf News -Halal cluster launched at Dubai Industrial City. 2014-02-23. 2016-06-30.
  8. Web site: Tecom reshuffles top brass - Khaleej Times. 2016-06-30. www.khaleejtimes.com.
  9. Web site: Dubai launches plan for International Centre for 3D Printing. 2016-06-30.
  10. Web site: Mohammed bin Rashid Launches 2030 Dubai Industrial Strategy WAM. 2016-06-30. www.wam.ae.
  11. Web site: Tecom Group's Dubiotech, EnPark join to form Dubai Science Park. 18 October 2015 . 2016-06-30. en-GB.
  12. Web site: 2015-10-18. Tecom Group's Dubiotech and Enpark join to form Dubai Science Park. 2016-06-30.
  13. Web site: Huawei Announces New National HQ in Dubai Internet City. 2016-02-07. PC Mag Middle East. en-US. 2016-06-30.
  14. Web site: DMC marks unparalleled growth as it celebrates its tenth anniversary. Baldwin. Derek . 2011-04-28. 2016-06-30.
  15. Web site: Dubai's prime for Film Production LEADERS MIDDLE EAST. www.leadersme.com. 2016-06-30.
  16. Web site: Dubai International Academic City holds meeting of Heads of 20 Universities WAM. www.wam.ae. 2016-06-30.
  17. Web site: Phase two of Dubai's d3 on track for completion in 2018. Sarah Algethami. 2016-03-09. 2016-06-30.
  18. Web site: Dubai's new Dhs5bn business district to be developed by Tecom. Nagraj. Aarti. Gulf Business. 2016-06-30.
  19. Web site: 2016-08-21 . Tecom investments unveils future strategy and initiatives to support Dubai's transformation into a global innovation hub WAM . 2022-07-12 . https://web.archive.org/web/20160821184915/http://www.wam.ae/en/news/economics/1395271756670.html . 2016-08-21 .
  20. Web site: 2016-08-21 . Tecom Group announces new innovation centre for entrepreneurs and media start-ups WAM . 2022-07-12 . https://web.archive.org/web/20160821144108/https://www.wam.ae/en/news/economics/1395288422159.html . 2016-08-21 .
  21. Web site: 2016-08-09 . Tecom reshuffles top brass - Khaleej Times . https://web.archive.org/web/20160809132155/http://www.khaleejtimes.com/business/companies/tecom-reshuffles-top-brass . 2016-08-09 . 2022-07-12 .
  22. Web site: 1 April 2022 . Etihad Rail inks deal for giant freight terminal in Dubai to boost trade ambitions . 17 March 2023 . arabianbusiness.com.
  23. Web site: 31 March 2022 . Etihad Rail announces rail freight terminal at Dubai Industrial City . 17 March 2023 . wam.ae.
  24. Web site: Dubai Holding appoints new CEOs for three of its companies. Townsend. Sarah. Feb 7, 2018. The National.
  25. Web site: 9 June 2022 . Tecom Group is resilient to any change in ways global tech companies work, says Chairman . 15 March 2023 . gulfnews.com.
  26. Web site: 23 January 2022 . Power Letters 2023: Abdulla Belhoul, chief executive officer, Tecom Group . 15 March 2023 . gulfbusiness.com.
  27. Web site: Salian . Neesha . 2023-02-10 . Tecom Group records 28% rise in net profit to Dhs725.6m in 2022 . 2023-02-12 . en-US.
  28. Web site: Nagraj . Aarti . 2016-11-27 . Tecom launches new incubator for start-ups in Dubai Design District UAE News . 2023-04-03 . en-US.
  29. Web site: Tecom launches co-working space D/Quarters . 2023-04-03 . gulfnews.com . June 2022 . en.
  30. Web site: John . Issac . Get freelance permit in Dubai for Dh7,500 . 2023-04-03 . Khaleej Times . en.
  31. Web site: Tecom Group's digital arm AXS goes all out on 'smart' . 2023-04-03 . gulfnews.com . 27 July 2020 . en.

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