2026-07-30
TECOM Group, the Dubai-listed operator of 10 business districts including Dubai Internet City, Dubai Media City and Dubai Design District, has reported first-half 2026 revenue of more than AED 1.5 billion, up 11% year-on-year, with recurring net profit rising 9% to AED 805 million. The board has approved an interim dividend of AED 440 million, payable in August 2026. Behind the financial headlines sits the number that matters most for anyone planning a business in Dubai: portfolio occupancy reached 97%, with commercial space at 96% and industrial assets at 98%. Dubai's flagship business districts are, for practical purposes, close to full, and demand keeps climbing.
The headline numbers
TECOM Group's results for the six months to 30 June 2026, reported by Gulf News on 30 July 2026, show growth across every major line:
- Revenue above AED 1.5 billion, an 11% increase year-on-year.
- Recurring net profit of AED 805 million, up 9%.
- EBITDA above AED 1.2 billion, up 10%, at a 79% margin.
- Funds from operations of AED 1.1 billion, up 12%.
- Interim dividend of AED 440 million approved for payment in August 2026.
The second quarter taken alone showed the same pattern: revenue of AED 786 million (up 11%), recurring net profit of AED 401 million (up 7%) and EBITDA of AED 613 million at a 78% margin. The half-year builds on a record 2025, when the group posted full-year revenue of AED 2.9 billion and recurring net profit of AED 1.5 billion.
Who TECOM Group is, and why its results matter beyond the stock market
TECOM Group PJSC, listed on the Dubai Financial Market since 2022 and part of Dubai Holding, develops and operates 10 sector-focused business districts across the emirate: Dubai Internet City, Dubai Media City, Dubai Production City, Dubai Studio City, Dubai Science Park, Dubai Knowledge Park, Dubai International Academic City, Dubai Industrial City, Dubai Design District (d3) and Dubai Outsource City. Together these districts house thousands of companies, from global technology firms and media groups to manufacturers, universities and design studios.
That makes TECOM's earnings report something more useful than a stock story: it is a direct, audited reading of demand for commercial space and business infrastructure in Dubai. When the operator of the city's main office and industrial parks grows revenue 11% and holds occupancy at 97%, it means companies keep arriving, keep expanding and keep renewing their leases.
What is driving the growth
The segment breakdown shows the demand is broad-based rather than concentrated in one sector:
- Commercial leasing generated AED 783 million in revenue, up 11%, with customer retention at 94%.
- Industrial assets brought in AED 239 million, up 15%, with retention at 99%.
- Land leases grew fastest of all, up 22% to AED 361 million, a signal that companies are committing to long-term build-to-suit projects rather than just renting ready space.
Chairman Malek Al Malek said the performance underscores the success of the group's strategy in balancing growth with prudent financial management. CEO Abdulla Belhoul confirmed the group remains committed to investing in the development and enhancement of its 10 districts, which in practice means new office and industrial stock is coming, but into a market that keeps absorbing it.
The dividend: a fixed calendar investors can plan around
The AED 440 million interim dividend follows the dividend policy shareholders approved in March 2026: an aggregate payout of AED 880 million for the 2026 financial year, paid in two equal instalments of AED 440 million, the first in August 2026 and the second expected in March 2027. For income-focused investors on the Dubai Financial Market, TECOM has become one of the more predictable payers, backed by contracted rental income and a 79% EBITDA margin.
Why 97% occupancy matters if you are planning a Dubai office
For business owners, the occupancy figure is the practical takeaway. Dubai's commercial property market has been tightening for several years, a trend we covered when Blackstone returned to Dubai with a DIFC office commitment, and TECOM's numbers confirm it is not letting up:
- Prime space is scarce. At 96% commercial occupancy, the most sought-after districts, Dubai Internet City for technology, d3 for design brands, Dubai Media City for content businesses, often hold waiting lists for quality units.
- Rents have pricing power. An operator running near-full portfolios with 94-99% retention has little reason to discount. Budgeting a Dubai office at last year's rates is a common planning error.
- Industrial land is moving fastest. The 22% growth in land leases shows manufacturers and logistics operators locking in sites at Dubai Industrial City, consistent with the record company growth Dubai's hubs reported, as we analysed when DIFC passed 10,000 active companies.
- The ecosystem is the product. TECOM districts bundle sector clustering, licensing and visa infrastructure. Choosing the right district is as much a strategic decision as a real estate one.
A checklist for companies planning space in Dubai
If an office, studio or industrial site in Dubai is part of your 2026-2027 plans, TECOM's results argue for moving early:
- Start the space search before the licence application, not after: in a 97% occupied market the premises can be the bottleneck.
- Match the district to your activity: each TECOM district ties to specific licence activities and a sector community.
- Compare free zone and mainland structures before committing, since the choice affects both cost and where you can lease.
- Budget for current rents plus escalation, not for the figures in a two-year-old market report.
- Run the banking file in parallel: landlords and free zones increasingly expect an active UAE account early in the process.
How Atlant Capital can help
Atlant Capital sets up companies across Dubai's free zones and mainland, including the TECOM districts, and we see the occupancy squeeze in our daily work. We handle company registration in the UAE end to end, from choosing the right district and licence activities to visas, and we manage corporate bank account opening in parallel so the company is operational the day the lease starts. If you are weighing several districts against each other, we can map licence cost, office availability and visa quotas before you commit.
The takeaway
TECOM Group's first half of 2026, revenue up 11%, profit up 9%, a AED 440 million dividend and 97% occupancy, is a clean snapshot of Dubai's business economy: institutional landlords are earning record income because companies keep choosing the city faster than space is built. For investors that reads as stability. For businesses planning a Dubai presence it reads as a deadline: the best districts are nearly full, and waiting rarely makes the entry cheaper.
