Dubai continues to defy a slump in the commercial real estate market that’s battered occupancy rates and rental yields around the world.
“There’s strong demand for the central business district, which reveals that customers prefer high-quality offices in a prime location,” Abdulla Belhoul, chief executive officer of Tecom Group, whose tenants include Meta Platforms Inc. and Alphabet Inc., told reporters. On Wednesday, the company reported a 6% increase in revenue.
“We also continue to see strong interest from multinational companies looking to expand their footprint in Dubai and the region,” he said.
The company said second-quarter revenue rose to 535.1 million dirhams ($146 million). It added more than 1,500 new tenants in the first half of the year, and occupancy rates stood at 87%, according to a regulatory filing.
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