Tecom revenue climbs 11% to AED 2.35 billion, occupancy hits 97%

Summary

• Tecom Group reported nine-month 2026 revenue of AED 2.35 billion, up 11% year on year.
• Recurring net profit rose 10% to AED 1.22 billion, with EBITDA margin at 79%.
• Land-lease income jumped 26%, signalling industrial and logistics demand outpacing Dubai office space.

The latest

Revenue at Tecom Group reached AED 2.35 billion in the first nine months of 2026, an 11% annual increase, the Dubai Financial Market-listed operator said on 29 October 2026. Recurring net profit grew 10% to AED 1.22 billion. Occupancy across its commercial and industrial portfolio stood at 97%, with customer retention at 95%.

Details

• The headline numbers: Tecom posted AED 2.35 billion in nine-month revenue, up 11% year on year, according to the company's disclosure carried by Emirates News Agency (WAM). Recurring net profit rose 10% to AED 1.22 billion, a pairing that shows income growing slightly slower than the top line.
• Margins and cash: EBITDA rose 11% to AED 1.85 billion, holding a margin of 79%, the company said. Operating cash flow grew at the same 11% pace to AED 1.6 billion, keeping cash generation in step with reported earnings rather than lagging behind them.
• The portfolio: The group owns and operates 10 business districts across Dubai. Occupancy across its commercial and industrial assets reached 97%, a level that leaves limited room for growth through filling vacant space and shifts the burden onto pricing and new supply.
• Customer retention: Retention climbed to 95% from 93% in the same period of 2025, per the disclosure. The two-point gain matters at near-full occupancy, where every departing tenant has to be replaced from a thin pool of available alternatives in the same districts.
• Commercial assets: Revenue from commercial assets, the largest single line, rose 10% to AED 1.2 billion. That is roughly half of group revenue and the slowest-growing of the three reported segments, trailing both industrial and land leasing.
• Industrial assets: Industrial asset revenue increased 13% to AED 365 million, outpacing the commercial segment by three percentage points. The segment remains the smallest of the three disclosed lines despite the faster growth rate.
• Land leasing: The leased-land portfolio delivered the strongest performance, up 26% to AED 563 million. That single segment now generates more revenue than industrial assets and grew at more than twice the group-wide rate of 11%.
• Third quarter alone: Quarterly revenue rose 12% to AED 809 million from AED 724 million a year earlier, while recurring net profit gained 12% to AED 417 million. Both lines ran ahead of the nine-month averages, indicating acceleration into the second half.
• Management framing: Chief Executive Abdulla Belhoul said the results reflect the strength of a business model supported by a diversified portfolio of commercial and industrial assets. The company did not disclose a full-year revenue or profit target alongside the results.

Background

Tecom Group listed on the Dubai Financial Market and operates specialised business districts housing media, technology, design, education, science and manufacturing tenants across the emirate.

Between the lines

The segment split is the real story. With occupancy at 97%, growth can no longer come from filling empty units, and the 26% surge in land-lease revenue against 10% in commercial assets points to where demand is strongest. Industrial and logistics land is pulling ahead of traditional office space, a pattern commercial property investors in Dubai will read as a signal about where the next round of development capital goes.

What's next

Full-year 2026 results and any dividend decision are the next trackable disclosures. Watch whether land-lease growth holds above 20% and whether occupancy can stay at 97% without new supply coming online.

Source: Emirates News Agency (WAM)