TECOM Group will acquire 138 land plots from Dubai Holding Asset Management to expand the land bank of the Dubai Industrial City.

The company’s board approved a 1.6 billion UAE dirham ($436 million) investment to acquire the land plots spanning 33 million square feet, supporting rising customer demand in the industrial sector, the Dubai-listed company said in a statement.

The acquisition will bolster the group’s land portfolio to exceed 209 million square feet.

The new investment raises the group’s total investments across its commercial and industrial portfolio to AED 4.3 billion since 2024.

TECOM will finance the new acquisition through its existing resources based on a flexible repayment schedule and start to recognise revenue from the additional land bank within the next 12-24 months.

Following the completion of the new acquisition, the group will continue to maintain a healthy leverage and liquidity position, the statement said.

Established in 2004, Dubai Industrial City’s master plan comprises industrial land, storage, and logistics spaces in proximity to Jebel Ali Port, Al Maktoum International Airport, and an Etihad Rail freight terminal. It currently has over 350 operational factories.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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