Press releases, Reports & Disclosures for TECOM GROUP P.J.S.C.

The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the nine-month period ending on September 30, 2024. The classification of the document is confidential.

TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has acquired Office Park in Dubai Internet City from Emirates REIT for AED 720 million. This acquisition is part of TECOM Group's strategy to expand its portfolio of Grade-A commercial assets and reinforces its position in Dubai's commercial real estate sector. The acquisition increases the Group's total investments in commercial and industrial assets to over AED 2.7 billion in 2024. Office Park's strategic location in a prominent tech hub and its strong customer base are expected to positively impact TECOM Group's financial performance and offer sustainable growth opportunities. TECOM Group CEO Abdulla Belhoul highlighted the acquisition as a step towards addressing the demand for premium commercial real estate in Dubai, supporting the city's growth as a global economic center.

On October 16, 2024, TECOM Group announced the acquisition of the "Office Park" building in Dubai Internet City for AED 720 million. This follows a binding Memorandum of Understanding (MOU) signed between TECOM Investments FZ LLC, a subsidiary of TECOM Group, and Emirates REIT (CEIC) PLC, as disclosed on October 1, 2024. The acquisition was subject to approval by Emirates REIT's shareholders, which was granted unanimously during their Extraordinary General Assembly on October 15, 2024. Both parties will now proceed with the formalities to finalize the acquisition, with further details to be disclosed upon completion.

TECOM Group PJSC, through its subsidiary TECOM Investments FZ LLC, has signed a binding Memorandum of Understanding (MOU) to acquire a Grade-A commercial asset in Dubai Internet City for AED 720 million. The asset, known as 'Office Park,' consists of five interconnected blocks with a Gross Leasable Area of 370,761 sq. ft and is currently 88% occupied by prominent international companies. The acquisition is pending final approval at Emirates REIT's upcoming Extraordinary General Meeting (EGM). This move aligns with TECOM Group's growth strategy and reinforces its leading position in Dubai's commercial and industrial real estate market.

On 26 September 2024, the Board of Directors of TECOM Group PJSC held a meeting at 4:30 pm to review and discuss the company's business and operations. The meeting was led by Malek Al Malek, Chairman of the Board of Directors. A copy of the meeting's disclosure was also sent to the Securities and Commodities Authority.

TECOM Group PJSC reported a 24% increase in net profit for the first half of 2024, reaching AED 603 million, driven by high occupancy rates and strong business performance. Revenue for H1 2024 grew by 9% year-on-year to AED 1.1 billion, supported by occupancy rates exceeding 92% and a successful business strategy. EBITDA also rose by 9% to AED 896 million due to overall revenue growth and operational optimization. Funds from operations increased by 24% year-on-year to AED 840 million. The Board of Directors approved an interim cash dividend of AED 400 million for H1 2024, to be distributed by September 2024. The Group's results reaffirm its role in supporting Dubai's knowledge-based economy by attracting global and regional companies to its specialized business districts.