TECOM acquires an integrated university campus in Academic City for $34mn

Recognising the strong demand for the higher education sector in the UAE, TECOM Group has acquired an integrated university campus comprising several buildings and spread over 300,000 square feet in Dubai International Academic City.

The acquisition contributes to strengthening TECOM’s Education Cluster, which includes Dubai International Academic City and Dubai Knowledge Park, which is currently operating at a high occupancy rate of 99 per cent. The Education Cluster is home to more than 38,500 students.

The AED125 million ($34 million) acquisition raises its total investments across the Commercial and Industrial portfolio to more than AED5.5 billion ($1.5 billion) since listing in July 2022.

TECOM enhances education infrastructure

The group will enhance and upgrade the campus buildings and facilities to ensure the highest quality standards.

Abdulla Belhoul, Chief Executive Officer of TECOM Group, commented: “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.

“Aligned with long-term national strategies for education, Dubai International Academic City is well-placed to address robust demand from academicians and talent from across the world.

“Part of our expansion strategy, it enhances Dubai International Academic City’s ability to unite internationally renowned academic institutions. TECOM Group’s Education Cluster is home to over 85 per cent 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.”

TECOM said it has financed this acquisition from its existing resources.

Dubai International Academic City is a hub dedicated to academic excellence and the address of globally renowned universities such as 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.