https://adgully.me/post/4004/dubai-internet-city-and-korea-national-it-industry-promotion-agency-sign-mou

Dubai Internet City and Korea National IT Industry Promotion Agency Sign MoU

Dubai Internet City, the region’s leading technology hub and part of TECOM Group PJSC, has signed a memorandum of understanding (MoU) with the National IT Industry Promotion Agency (NIPA), backed by the Government of South Korea, to foster innovation and entrepreneurship efforts that bolster the growth of the global technology sector.A high-level Korean delegation toured the vibrant technology district on the side lines of the MoU signing. Ammar Al Malik, Executive Vice President – Commercial at TECOM Group signed the memorandum on behalf of Dubai Internet City with Sung-Wook Hur, President of NIPA. The UAE and Korea are key trading partners with bilateral non-oil trade totalling $3 billion during the first half of 2023. The UAE is Korea’s second-largest Arab trade partner and recently concluded talks with Korea for a Comprehensive Economic Partnership Agreement (CEPA) deal. In January 2023, the UAE also announced plans to invest $30 billion in various South Korean sectors and industries to expand economic cooperation over the next few years.Under the terms of the MoU, NIPA will provide industry data and insights that enhance collaboration and facilitate the participation of Korean technology companies and professionals in Dubai Internet City’s ecosystem.Commenting on the partnership on behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, said: “We are delighted to embark on this strategic memorandum with NIPA that marks a significant step towards fostering innovation, supporting entrepreneurship, and strengthening the global technology landscape. The agreement underscores our ecosystem’s alignment with the goals of Dubai Economic Agenda ‘D33’ to enable globally impactful innovation from Dubai. The strengths and resources offered by Dubai Internet City and TECOM Group will undoubtedly create lasting impact and drive growth for Korean technology companies not just in Dubai or the region, but around the world."The MoU with NIPA underscores Dubai Internet City’s commitment to advancing technology, innovation, and entrepreneurship through joint initiatives that have a positive impact on the global scale. The agreement was signed at GITEX Global 2023, the world’s largest technology event that Dubai Internet City is Innovation Partner for, which runs until 20 October at Dubai World Trade Centre.Dubai Internet City is the region’s largest tech hub and has led Dubai’s digital transformation strategy for over two decades, serving as a platform for global tech brands, start-ups, and innovators to work, connect, and innovate. The district is home to more than 3,000 customers, including Fortune 500s and SMEs such as Google, 3M, Microsoft, and Careem, in addition to over 29,000 professionals and entrepreneurs. Dubai Internet City is part of TECOM Group’s portfolio of business districts that includes Dubai Design District (d3), Dubai Science Park, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, and Dubai Industrial City.
https://adgully.me/post/2394/start-up-incubator-in5-launches-science-focused-vertical

Start-up incubator in5 launches science-focused vertical

TECOM Group PJSC celebrated ten years of enabling Dubai’s entrepreneurial ecosystem through its start-up incubator, in5, by launching in5 Science. Announced in collaboration with Dubai Science Park, the Group’s science-focused ecosystem, the incubator will facilitate entrepreneurship and investment for science-based start-ups under the Dubai Economic Agenda ‘D33’ umbrella.The UAE’s emphasis on sustainability, in line with the Road to Net Zero by 2050, COP28, We the UAE 2031, and National Food Security Strategy agendas, has unveiled significant opportunities for innovation, investment, and entrepreneurship across the science sectors. in5 Science’s launch is aligned with these government strategies and supports the UAE’s recognition of 2023 as the ‘Year of Sustainability’. It is also in line with the Dubai Economic Agenda ‘D33’, which promotes foreign direct investment and economic diversification, and raises Dubai’s attractiveness for homegrown and international founders to explore opportunities across health, sustainability, advanced manufacturing, and energy.in5 operates three centres enabling businesses and innovation in Tech in Dubai Internet City, Media in Dubai Production City, and Design in Dubai Design District (d3). The science vertical will expand its offerings to provide start-ups with sector-specific support and facilitate access to investment for founders to set up and scale new businesses. in5 has curated an expert-led advisory board representing industry-leading C-Suite figures from Nexus Resilience Group, Dii Desert Energy, and GMEX Group.On behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, part of TECOM Group said: “Entrepreneurship powers economic growth. Dubai’s pro-business framework has made it a preferred choice for businesses big and small, established and new. As a leading business enabler in Dubai, TECOM Group has strived to enrich the support and opportunities available to entrepreneurs through in5. Ten years on, we’re proud to see our incubator’s impact on promoting Dubai’s start-up ecosystem and economic diversification efforts across media, tech, and design. The new science vertical will expand our offerings to meet the needs of emerging economic opportunities in the science sector while securing Dubai’s reputation as a global business hub.”Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, part of TECOM Group said: “Science is a fast-growing field in Dubai, underpinned by government strategies across sustainability, healthcare, and R&D. Dubai Science Park plays a pivotal role in nurturing an ecosystem that promotes these economic roadmaps by empowering leading and international science-focused businesses to set up and expand operations. in5 Science will enable entrepreneurs to engage a world-class community of researchers and industry leaders and inject innovation and competitiveness to take the UAE’s science ambitions to the next level.”in5 Science will also present a curated calendar of networking events, panel discussions and educational forums to cover pertinent topics by thought leaders in the science industry. Collaborating with Dubai Science Park allows in5 to tap into a global ecosystem of MNEs and regional SMEs across pharmaceuticals, healthcare, energy and environment, research, and development for partnership opportunities, and access to specialised facilities.A growing science hub in MENARising government investments, a multifaceted economic diversification plan, and the growing regional demand for specialised healthcare and sustainable consumerism have directed focus to the UAE on science and technology. The UAE’s comprehensive healthcare system, strengthened by private sector investments, has secured Dubai’s status as the region’s number one and the world’s number six medical tourism destination, according to the latest Medical Tourism Index.Similarly, a global call for sustainability reflects national agendas for advanced manufacturing, economic growth, and food security. For example, Operation 300bn and Make it in the Emirates, geared at promoting localised manufacturing, emphasise innovation in advanced technology to enable sustainable practices and competitiveness.In the past decade, in5 has seen a marked growth in science-focused tech start-ups. A dedicated science vertical aims to streamline and customise the supportive ecosystem for new businesses while connecting founders to a global community and purpose-built infrastructure at Dubai Science Park.in5 already supports several ambitious science-led start-ups, including:We4Recycle: A mobile app-based door-to-door valet trash service that simplifies waste segregation at home and strives to increase the awareness of sustainable and environmentally conscious lifestyles.Greener Crop: A start-up enabling vertical farming in the Middle East and Africa by offering a range of services, from farm set-up and maintenance to growth management, harvesting, and produce sales. The start-up has customers across the US, UAE, Oman and Qatar.Air to MC2: A deep-tech start-up that aims to revolutionise cooling and heating by creating affordable, patented tech products for air conditioning, water and energy industries and consumers.Sentient Labs: The start-up employs advanced technologies such as robotics, artificial intelligence, and the Internet of Things (IoT) to promote sea clean-up.RelphaCare Technologies: A social healthcare tracking platform that enables real-time communication and monitoring by doctors and family.A decade of entrepreneurial growthin5 provides start-ups in technology, media, and design a platform to scale up, and access to advisory, mentorship, and potential investment opportunities. Since its inception in 2013, in5 has supported over 750 start-ups and entrepreneurs, and attracted founders representing more than 50 nationalities, including India, Russia, France, the UK and more. Breakout stars include buy-now-pay-later platform Tabby; Munch:On, a food operations service acquired by Careem in 2022; and regional music streaming giant Anghami.in5 is a start-up incubator part of TECOM Group’s portfolio, which also offers value-added platforms such as co-working spaces (D/Quarters), freelance packages (GoFreelance), and an integrated smart services platform (axs).TECOM Group’s portfolio also comprises 10 business districts, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Science Park, Dubai Knowledge Park, Dubai International Academic City, Dubai Design District (d3) and Dubai Industrial City.
https://adgully.me/post/1976/tecom-group-s-q1-2023-net-profit-grows-34-to-aed-255-million

TECOM Group ’s q1 2023 net profit grows 34% to AED 255 million

 Dubai: TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), the creator of specialised business districts and vibrant communities, today announced its financial results for its fiscal 2023 first quarter ended 31 March 2023. The Group delivered a strong financial and operational performance, reporting a 6% year-on-year (YoY) increase in revenues to AED 514 million and a 34% YoY increase in net income to AED 255 million.Financial HighlightsAED ‘000sFirst QuarterYoY%(Unless otherwise stated)20232022Revenue513,784485,1116%EBITDA398,805349,43514%EBITDA Margin78%72%6%Net Profit255,133190,26234% Operational HighlightsCommercial and Industrial – As of31 March 202331 March 2022YoY%Occupancy Level87.1%80.6%6.5%Retention Rate95.4%94.6%0.8% Abdulla Belhoul, Chief Executive Officer, TECOM Group, said: “TECOM Group’s solid first quarter results, are not just a testament to the success of our long-term growth strategy, but also a reflection of the underlying business confidence in Dubai and the thriving business ecosystem in the emirate.The sustained growth in our occupancy demonstrates the continued demand for our specialised assets and reaffirms Dubai’s position as a global hub for investment, innovation, and entrepreneurship. We believe we are well positioned to continue to capitalise on the booming real estate market in Dubai.Looking ahead, our outlook for the rest of the year is positive, particularly with the prospect of higher rental rates, continued growth in occupancy and the immense potential that the city offers to businesses of all sizes and from all sectors. We will maintain our focus on maximising value to our shareholders and all our stakeholders.” Q1 2023:- Revenue for the first quarter of 2023 came in at AED 514 million, an increase of 6% YoY that is driven by a significant increase in our commercial and industrial occupancy rates compared to the same period last year.- EBITDA increased 14% to AED 399 million, primarily driven by top line growth and lower operational expenses.- Net profit grew 34% YoY to AED 255 million, underpinned by strong growth in revenues, enhanced operational efficiencies and sustained growth across all business segments.- Funds from operations (FFO) reached AED 359 million, a 44% increase on Q1 2022, due to strong collections and continued high levels of customer retention. Key Operational ActivitiesThrough its provision of business districts, TECOM Group continues to support many industries that drive Dubai’s diversification agenda and economic growth. In Q1 2023, TECOM Group witnessed:- The announcement by AstraZeneca on its intention to move to Dubai Science Park with new sustainable offices ahead of COP28.- The successful launch and first edition of Dubai Fashion Week (DFW), which recorded a 55% increase in RSVP’s compared to the 21st edition of Arab Fashion Week in March 2022. M Normandie French Business School inauguration of its first regional campus at Dubai Knowledge Park- The opening of THRYVE™ factory, the first 100% plant-based meat factory in the Middle East, in Dubai Industrial City.- Silver Line Gate Group (one of the Middle East’s leading suppliers of milk powder) announcement to build an AED 200 million manufacturing facility at Dubai Industrial City in line with Dubai Economic Agenda D33, the UAE food security agenda and Make it in the Emirates.- Al Khayyat Investments breaking ground on its largest fulfilment centre to date in Dubai Industrial City.DividendTECOM Group shareholders approved a dividend payment of AED 200 million, that was paid in April 2023. This follows a AED 200 million pay-out which was distributed in November 2022, taking the total dividend payment for the second half of 2022 (H2) to AED 400 million. As per the dividend policy set out in the IPO prospectus, TECOM Group is committed to paying a total dividend amount of AED 800 million per annum over the first three years of being a listed company. The next dividend payment will be distributed in September 2023, subject to shareholder approval, and will cover the first half of 2023.  
https://adgully.me/post/1141/tecom-group-breaks-ground-on-specialised-tech-offices-at-dubai-internet-city

TECOM Group breaks ground on specialised tech offices at Dubai Internet City

TECOM Group PJSC, (the “Company” or the “Group”), has broken ground on the Innovation Hub Phase 2 in Dubai Internet City, as Dubai’s legislative framework and ease of doing business attract a high volume of international companies and investors. The Group is expanding its leasing portfolio to capture the increasing demand in Dubai’s commercial real estate market underpinned by the emirate’s economic development and the government’s pro-growth strategies.The AED442 million new investment underscores TECOM Group’s commitment to expanding and tailoring its portfolio to emerging sector needs and attracting global companies. It will offer customers high-quality commercial office properties, state-of-the-art office spaces and HQs tailored to customer specifications.Abdulla Belhoul, Chief Executive Officer of TECOM Group, said: “TECOM Group remains a pillar for Dubai’s business hub proposition. New regulatory frameworks and the ease of doing business are accelerating economic growth and reinforcing investor and business confidence. We’re seeing the success of our leadership’s economic diversification strategy reflected in our commercial and industrial real estate portfolio performance this year due to an influx of new companies and talent.“Across our portfolio, existing customers are expanding their operations, complemented by an inflow of new foreign investment. Bespoke solutions like the Innovation Hub address the need for high-quality commercial spaces, helping strengthen Dubai’s position as an attractive global business and talent hub. It also cements TECOM Group as the emirate’s largest commercial real estate owner and our key role in driving innovation and business growth development in Dubai.”TECOM Group’s Q3 2022 financial performance reflected the upward trend in the commercial real estate market. Revenue came in at AED 490 million, increasing 12.48% year on year (YoY), driven by rising occupancy levels across the portfolio, especially office, warehouse, and worker accommodation.The Innovation Hub Phase 2 expands TECOM Group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. To be completed by 2024, the Innovation Hub Phase 2 will provide more than 355,000 square feet of gross leasable area (GLA).Launched in 2018, the first phase of the Innovation Hub is almost at full capacity, providing tech giants like Google, Hewlett-Packard, Gartner and China Telecom a base in the region. With additional stages in the pipeline, the completed Innovation Hub project is expected to add more than 1.2 million square feet of space for technology, education and new media businesses of all sizes to the Group’s portfolio.TECOM Group has cultivated a global business and technology hub under Dubai Internet City. Today, it represents a complete community of Fortune 500 companies, SMEs, start-ups and entrepreneurs. Recent additions include Motorola Solutions and Intel, while longstanding customers 3M, Visa and Meta upgraded to new headquarters this past year. Dubai Internet City also features over 15 innovation centres powered by customers like Visa, MasterCard, SAP, Google and 3M, which are promoting digital transformation region-wide.Commenting on behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial Leasing, TECOM Group PJSC, said: “Dubai’s pursuit of a knowledge and innovation economy relies on a robust technology framework. For more than 20 years, Dubai Internet City has provided the necessary infrastructure and environment where the complete tech community can converge. Ready-to-use facilities like our Innovation Hub enable customers to hit the ground running. Expanding our district’s commercial offering to cater to the Emirate’s growing business appetite will enrich our global community with innovation-driven brands and talent.”According to the CORE Dubai Market Report Q3 2022, the Emirate is seeing growth in new licenses and residents, boosting demand in the commercial leasing sector. The report also found that citywide office occupancy levels are the highest since the peak in 2014, up to 83% in Q3 compared to 78% last year.