TECOM Group

TECOM Group
Company typePublic
DFM: TECOM
IndustryReal estate
Founded2005
HeadquartersDubai Studio City, Commercial Building 1,
Dubai
,
UAE
Key people
OwnerDubai Holding
Subsidiaries
Websitewww.tecomgroup.ae

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

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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.[1][2][3]

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

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

Business platforms

[edit]

References

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


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