Tecom Group is a member of Dubai Holding, a state-owned enterprise of the UAE
BBN DUBAI
DUBAI: The Tecom Group achieved a remarkable performance, with the net profit surging 49 per cent year-on-year, to Dh1.1 billion and revenue reaching a record high of Dh2.2 billion, marking a 10 per cent increase compared with the previous year, showcasing the group’s strong growth and financial stability. (Dh1=Rs22.70 on Apr 21)
Tecom Group is a member of Dubai Holding, a state-owned enterprise of the UAE. The group’s 10 business districts focus on six non-oil sectors, including media, science, education, design, industrial, and information technology.
The strong financial performance was driven by robust demand from new and existing customers operating across all six sectors the Group serves, underpinned by Dubai’s resilient economic performance.
Malek Al Malek, chairman of Tecom Group, said, “2023 was a remarkable year for the UAE and Dubai’s economy, supported by strong performance across several sectors, including the commercial real estate sector, which has outperformed other global markets.” This has enabled Tecom Group to cement its position as the leading owner and operator of specialised business districts and a major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy.
Al Malek added that the board of directors recommends a dividend payout of Dh400 million to the company’s shareholders for the second half of 2023.
Abdulla Belhoul, Chief Executive Officer of Tecom Group, stated, “What drove occupancy rates for the commercial and industrial portfolio to 89 per cent across our portfolio was strong demand for assets in all sectors, especially those catering to customers in the industrial sector.”
