The fourth phase of the Innovation Hub at Dubai Internet City is scheduled for completion in 2028
Dubai-based Tecom Group has launched the fourth phase of its Innovation Hub at Dubai Internet City, valued at AED615m ($167m).
The new phase will add 263,000 square feet (sq ft) of gross leasable area to its technology district. With this launch, Tecom Group’s total investment in the Innovation Hub project will reach AED2bn ($544m).
The announcement follows strong momentum across earlier phases of the project. In August, Tecom Group awarded an estimated AED340m ($93m) contract to construct the third phase of the Innovation Hub project.
Set for completion by 2027, Innovation Hub phase 3 will include two high-end office buildings and more than 140 parking spaces.
The project has a built-up area of about 438,936 sq ft.
The earlier phases are operational and fully leased.
The fourth phase is scheduled for completion in 2028.
The investment comes amid higher demand for commercial property in Dubai, as the emirate continues to attract new companies.
Dubai recorded its highest-ever annual increase in memberships to the Dubai Chamber of Commerce last year, with 70,500 new companies registered.
The legislative framework and ease of doing business attract a high volume of international companies and investors looking to set up in the emirate, according to Tecom.
Growth plan
In August last year, Tecom Group announced the acquisition of new assets and the development of new commercial real estate projects as part of the group's multibillion-dirham plan.
The group said it had acquired two operational Grade-A office buildings in Dubai Internet City with an investment of AED420m. These assets will add 334,000 sq ft of gross leasable area to Tecom Group’s commercial portfolio.
The company has also completed the acquisition of land in Dubai Industrial City, covering 13.9 million sq ft for industrial leasing, with an investment of AED410m.
The two new commercial real estate projects include the development of six Grade-A office buildings within the second phase of Dubai Design District. The new AED825m development covers a gross floor area of 629,000 sq ft.
The other project is the third-phase expansion of the Innovation Hub in Dubai Internet City.
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Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges
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