«Tecom Group», listed on the Dubai Financial Market, which owns and operates specialized business complexes focusing on vital sectors in Dubai, has acquired a full-fledged university campus comprising multiple buildings with a total area of over 300,000 square feet in Dubai Academic City. This acquisition is in response to strong demand in the higher education sector. The group stated that this acquisition aims to meet the growing demand from leading international universities for premium educational assets, driven by government strategies and initiatives, including the National Strategy for Higher Education 2030, Dubai Economic Agenda (D33), and Dubai Education Strategy 2033. It will also enhance the leading role of Tecom Group's education sector, which includes Dubai Academic City and Dubai Knowledge Park, where this sector records high occupancy rates of 99%. The group revealed that this acquisition comes at a value of 125 million dirhams as part of the group's strategy for expansion and sustainable growth, increasing the total value of its investments in the commercial and industrial assets portfolio to over 5.5 billion dirhams since its IPO on the Dubai Financial Market in July 2022. Tecom Group also plans to carry out development and renovation works for the buildings and facilities of the acquired campus to ensure the highest quality standards. Abdullah Al-Houl, CEO of Tecom Group, said: «This acquisition reflects the group's commitment to continue elevating the higher education sector, which contributes to cementing the UAE's and Dubai's position as a leading global destination for education and talent development». He added: «Dubai Academic City has the necessary capabilities and resources to meet the increasing demand from academics and talents worldwide, in line with the targets of the National Strategy for Higher Education 2030, Dubai Economic Agenda (D33), and Dubai Education Strategy 2033». He continued: «This acquisition, which is part of the group's expansion strategy, will enhance Dubai Academic City's ability to attract a world-class elite of leading academic institutions», noting that the group's education sector includes over 85% of students enrolled in private higher education institutions in Dubai, which reinforces the commitment to continue leveraging available growth opportunities to elevate the group's portfolio of educational assets and deliver added and sustainable value to shareholders. Tecom Group confirmed that it funded this acquisition from its existing resources, while maintaining its strong financial position and flexible liquidity. The group noted that the mentioned acquisition underwent studied and meticulous procedures that comply with all market regulatory requirements and governance controls, in addition to adopting valuation standards through independent and regulator-accredited parties. Abdullah Al-Houl: «The acquisition comes within the group's expansion strategy and enhances Dubai Academic City's ability to attract leading academic institutions».
