TECOM Group PJSC has acquired a university campus in Dubai International Academic City for AED125 million, the company announced.
The campus comprises buildings spanning more than 300,000 sq ft. TECOM Group said the purchase responds to demand from universities for educational assets.
The acquisition aligns with the National Strategy for Higher Education 2030, Dubai Economic Agenda ‘D33’, and Education 33 Strategy ‘E33’.
Dubai’s TECOM Group raises total investments to AED5.5 billion with campus purchase
The purchase raises TECOM Group’s total investments across its Commercial and Industrial portfolio to more than AED5.5 billion since its listing in July 2022.
TECOM Group said it will enhance and upgrade the campus buildings and facilities.
“This acquisition demonstrates TECOM Group’s commitment to strengthening the higher education sector, thereby contributing to the UAE’s and Dubai’s position as a global hub for education and talent development,” said Abdulla Belhoul, Chief Executive Officer of TECOM Group.
The acquisition contributes to TECOM Group’s Education Cluster, comprising Dubai International Academic City and Dubai Knowledge Park, which operates at 99 per cent occupancy.
TECOM Group buys 300,000 sq ft campus as Dubai higher education demand rises
“This acquisition demonstrates TECOM Group’s commitment to strengthening the higher education sector, thereby contributing to the UAE’s and Dubai’s position as a global hub for education and talent development,” Abdulla Belhoul, Chief Executive Officer of TECOM Group said in a statement.
“Aligned with long-term strategies such as the National Strategy for Higher Education 2030, Dubai Economic Agenda ‘D33’, and Education 33 Strategy ‘E33’, Dubai International Academic City is well-placed to address robust demand from academicians and talent from across the world.
“This acquisition, part of our expansion strategy, enhances Dubai International Academic City’s ability to unite internationally renowned academic institutions. TECOM Group’s Education Cluster is home to over 85% of students enrolled in private higher education institutions across Dubai, and we will actively pursue such growth opportunities to enhance our portfolio of educational assets, with the aim of ensuring added and sustainable shareholder value,” he added.
TECOM Group financed the acquisition from its existing resources while maintaining its leverage and liquidity position.
TECOM Group expands Education Cluster with university campus acquisition in Dubai
The company said the acquisition followed procedures in adherence with regulatory and governance requirements, including evaluation criteria through independent parties accredited by regulatory authorities.
Dubai International Academic City hosts universities including Amity University Dubai, the first international campus of the Indian Institute of Management Ahmedabad (IIMA), the University of Birmingham Dubai, the American University in the Emirates (AUE), and Manipal Academy of Higher Education.
Part of TECOM Group’s Education Cluster, the district is home to more than 38,500 students. The district offers campuses, research spaces, and student accommodation with learning pathways ranging from bachelor’s to postgraduate programmes.
