29 October 2026
TECOM Group, the owner and operator of 10 specialised business districts in Dubai, reported revenue of AED 2.35 billion for the first nine months of 2026, up 11% year on year, and recurring net profit of AED 1.22 billion, up 10%. Portfolio occupancy stood at 97%, group customer retention rose to 95% from 93% a year earlier, and land lease revenue grew 26% to AED 563 million. The results for the period ended 30 September 2026 were published by the company on Thursday, 29 October 2026. For companies planning an office, studio or industrial site in Dubai, the figures describe a market where almost all space in the main business districts is already let.
TECOM Group 9M 2026 results in numbers
The figures below come from the financial highlights table in TECOM Group’s press release. Comparisons are with the first nine months of 2025.
| Indicator | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Revenue | AED 2,349 million | AED 2,113 million | +11% |
| EBITDA | AED 1,850 million | AED 1,671 million | +11% |
| EBITDA margin | 79% | 79% | (0.3) pp |
| Recurring net profit | AED 1,221 million | AED 1,111 million | +10% |
Funds from operations rose 11% to AED 1.6 billion, which the company attributes to strong cash conversion and efficient collections. Revenue growth was supported, according to TECOM Group, by 97% occupancy, growth across all leasing segments, the expansion of its asset portfolio and improved rental rates.
The nine-month result builds on a first half in which recurring net profit rose 9% to AED 805 million and the board approved an interim dividend of AED 440 million, as we covered in our analysis of TECOM Group H1 2026 results. For the full year 2025 the group reported revenue of AED 2.9 billion and recurring net profit of AED 1.5 billion.
The third quarter: growth accelerated
Revenue for July to September 2026 rose 12% to AED 809 million from AED 724 million in the third quarter of 2025, slightly faster than the 11% pace of the nine months as a whole. Quarterly EBITDA increased 11% to AED 627 million with a 78% margin, and recurring net profit climbed 12% to AED 417 million from AED 373 million a year earlier.
By segment, the third quarter looked like this:
- Commercial portfolio: revenue of AED 390 million, up 6%.
- Industrial assets: revenue of AED 125 million, up 11%.
- Land lease portfolio: revenue of AED 202 million, up 35%.
Land lease was the main driver. TECOM Group said the acceleration in the quarter came primarily from the 35% increase in land lease revenue, and chief executive Abdulla Belhoul linked it to the expansion of the industrial land lease portfolio. Combined occupancy across the commercial and industrial portfolio reached 97%.
Nine months by segment: offices, industry and land
TECOM Group reports three leasing segments, and each of them grew over the nine months:
- Commercial assets, offices and business space in districts such as Dubai Internet City and Dubai Media City: revenue up 10% to AED 1.2 billion, occupancy 95%, customer retention 93%. The company cites sustained demand for Grade-A offices and an increase in leasable area.
- Industrial assets, warehouses, production and logistics facilities: revenue up 13% to AED 365 million, occupancy 98%, customer retention 97%. TECOM Group points to continued demand from manufacturing and logistics customers.
- Land lease, plots leased to companies that build their own facilities: revenue up 26% to AED 563 million, driven by continued demand and contributions from expansion.
Across the group, customer retention increased to 95% from 93% in the same period of 2025. Among the operational events of the quarter, TECOM Group listed an EPRA Gold award for both financial and sustainability reporting, a partnership between Dubai Internet City and Luxembourg’s national innovation agency Luxinnovation, and the groundbreaking of a new central distribution centre for Talal Group at Dubai Industrial City.
Which business districts TECOM Group operates
TECOM Group PJSC is listed on the Dubai Financial Market under the ticker TECOM and is part of Dubai Holding. Its 10 districts are organised around sectors:
- Technology and media: Dubai Internet City, Dubai Media City, Dubai Production City and Dubai Studio City.
- Education and science: Dubai Knowledge Park, Dubai International Academic City and Dubai Science Park.
- Design: Dubai Design District (d3).
- Services and outsourcing: Dubai Outsource City.
- Manufacturing and logistics: Dubai Industrial City.
Because each district is built around a sector community, the choice of district usually goes together with the choice of licence activities.
What 97% occupancy means for companies planning space in Dubai
With occupancy at 97%, only about 3% of TECOM Group’s commercial and industrial portfolio was vacant at the end of September 2026. For a company entering Dubai or expanding here, several practical points follow:
- Premises can become the slowest step. In a free zone the licence, the lease and the number of residence visas a company can sponsor are usually linked, so a company without suitable space cannot finish its setup. The space search should start together with the licence application.
- Budget at current rents. TECOM Group names improved rental rates among the drivers of its revenue growth, so a budget based on older rent levels is likely to underestimate costs.
- Space frees up slowly. With commercial customer retention at 93% and industrial at 97%, few existing tenants leave, and vacant units appear rarely.
- Demand for industrial land is strong. Land lease revenue grew 26% over nine months and 35% in the third quarter. Leasing a plot and building a facility takes longer than renting a ready warehouse, so industrial projects need a longer planning horizon.
Checklist before you lease space in a Dubai business district
- Match your licence activities to the district, since each district is built around specific sectors.
- Confirm which type of premises your licence requires, from a flexible desk to a dedicated office or warehouse, and how many visas it allows.
- Request a quote at current rates and check the renewal and escalation terms in the lease.
- Compare the free zone option with a mainland structure before you sign, because the choice affects where you can trade and lease.
- Plan the corporate bank account in parallel with the lease, as banks typically ask for the licence and details of the business premises.
How Atlant Capital can help
Atlant Capital handles company setup in Dubai in free zones and on the mainland, including the choice of district and licence activities, premises requirements and visa allocation. We also arrange corporate bank account opening, so the account is ready when the company starts operating. If you are comparing locations, our guide to company formation in the UAE explains the main structures and steps, and for founders who are also considering buying a home in Dubai, our guide to mortgages for residents and non-residents covers the financing side.
Conclusion
For the nine months to 30 September 2026 TECOM Group increased revenue by 11% to AED 2.35 billion and recurring net profit by 10% to AED 1.22 billion, with EBITDA of AED 1.85 billion at a 79% margin. Occupancy across its 10 Dubai business districts held at 97%, customer retention rose to 95%, and land lease was the fastest growing segment, up 26% over nine months and 35% in the third quarter. For businesses, the figures describe a market where ready space in Dubai’s main business districts is limited and premises need to be planned at the start of a setup, not at the end.
Source: TECOM Group, Khaleej Times.
FAQ
What were TECOM Group results for the first nine months of 2026?
For the nine months ended 30 September 2026 TECOM Group reported revenue of AED 2.35 billion, up 11% year on year, and recurring net profit of AED 1.22 billion, up 10%. EBITDA rose 11% to AED 1.85 billion with a 79% margin, and funds from operations increased 11% to AED 1.6 billion.
What is the occupancy rate of TECOM business districts in Dubai?
Portfolio occupancy across TECOM Group’s commercial and industrial assets was 97% in the first nine months of 2026. Commercial assets were 95% occupied and industrial assets 98%. Group customer retention rose to 95% from 93% a year earlier.
Which business districts does TECOM Group operate in Dubai?
TECOM Group owns and operates 10 business districts: 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. The company is listed on the Dubai Financial Market.
Why did TECOM Group land lease revenue grow in 2026?
Land lease revenue rose 26% to AED 563 million in the first nine months of 2026 and 35% to AED 202 million in the third quarter. TECOM Group attributes the growth to continued demand and the expansion of its industrial land lease portfolio, which was the main driver of the 12% revenue growth in the third quarter.
