30/04/2026 05:55 AST
Tecom Group, the creator of specialised business districts and vibrant communities, has delivered solid results for the first quarter of 2026, recording a net profit of AED755 million ($201 million), up 11% over last year alongside a 12% increase in recurring net profit which soared to AED403 million from AED361 million.
Announcing its financial results for the three-month period ended March 31, Tecom said its ebitda increased 13% YoY to AED610 million, delivering an 81% margin, compared to 79% in Q1 2025, supported by higher occupancy, rental rate optimisation, and disciplined cost management.
The Group reported a resilient first quarter financial performance in 2026, driven by strong demand across its specialised business districts and continued growth in its commercial and industrial portfolios.
Strategic investments, high occupancy rates, and solid customer retention, together with improved rental rates and disciplined cost management, have contributed to enhancing the Group's profitability.
On the solid performance, Group CEO Abdulla Belhoul said: "The UAE and Dubai economies continue to demonstrate remarkable strength and resilience, driven by a proven ability to adapt swiftly to market dynamics. Our first quarter performance reflects the resilience of the Group's business model, the diversification of our revenue base across our business segments, and our operational efficiency."
The commercial and industrial portfolios remained highly resilient, with occupancy rates at 98% across both segments. Customer retention remained strong at 94% for the commercial portfolio and 99% for the industrial portfolio.
Funds from Operations (FFO) increased 14% YoY to AED549 million, demonstrating the high quality and resilience of the Group's revenue streams, supported by a strong and diversified customer base and efficient collections, ultimately strengthening liquidity.
In terms of Q1 2026 operational highlights, Dubai Media City marked its 25th anniversary of pioneering innovation and growth in the creative industries. Dubai Industrial City showcased its global Food and Beverage (F&B) ecosystem and spotlighted the next generation of food innovators at Gulfood 2026.
Dubai Science Park celebrated two decades of enabling science and nurturing the region's research and development (R&D) ecosystem. The student body across Dubai International Academic City and Dubai Knowledge Park grew to more than 38,500 at the end of the 2024-25 academic year, marking 15 percent growth since the end of the 2023-24 academic year.
Alas Emirates Ready Mix announced plans to launch a state-of-the-art facility in Dubai Industrial City, while AmSpec Group opened its new Agri & Food laboratory at Dubai Science Park.
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