Dubai Internet City pumping in additional $120M to house tech talent
The Tecom Group will open the Innovation Hub Phase 2 to offer working spaces, commercial office properties, and more—tailored to the specifications of the companies.
The Tecom Group, the parent company of Dubai Internet City, is investing AED 442 million ($120 million) to expand its leasing portfolio.
According to Gulf Business, the company will open the Innovation Hub Phase 2 to offer working spaces, commercial office properties, and more—tailored to the specifications of the companies.
The Internet City is looking to complete Phase 2 by 2024. It will have over 355,000 sqft of leasable land, with two high-end office buildings, four boutique offices, retail spaces, and more than 800 parking spaces.
Established in 2018, the first phase of the Innovation Hub—which houses tech giants like Google, HP, and Gartner, among others—will soon be reaching its full capacity.
Dubai Trade, Dubai Chamber Of Commerce collaborate to simplify trade services for exporters and re-exporters
Abdulla Belhoul, CEO of Tecom Group, said, "The Tecom Group has been always focused towards building Dubai as a business hub." He added that the new regulatory frameworks and the ease of doing business are accelerating economic growth and reinforcing investor and business confidence in the region.
The report added that the completed Innovation Hub project is expected to add over 1.2 million square feet of space for technology, education, and new media businesses of all sizes to the group’s portfolio.
In Q3 2022, Tecom Group saw a revenue of $130.44 million with a 12.48% annual increase. Dubai Internet City also features over 15 innovation centres by companies like Visa, MasterCard, SAP, and 3M, among others.
“Across our portfolio, existing customers are expanding their operations, complemented by an inflow of new foreign investment. 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," Abdulla added.
“For more than 20 years, Dubai Internet City has provided the necessary infrastructure and environment where the complete tech community can converge," said Ammar Al Malik, Executive Vice President – Commercial Leasing, Tecom Group. "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.”
Edited by Suman Singh