Tecom Investments, a diversified conglomerate and a member of Dubai Holding, said it aims to develop 1 million sq ft of additional office space, spread out across its business parks at an overall investment of Dh1.5 billion ($408.2 million).

The leading business park master developer was outlining the enhancements planned for its existing business parks at the ongoing Cityscape Global exhibition in Dubai, UAE.

The company also provided a progress update to the investors on the key developments scheduled for release in 2015, and reaffirmed its commitment to support Dubai’s ongoing economic growth and development.

Tecom urged investors to explore the many exciting opportunities across the retail, residential and hospitality sectors within its portfolio.

Addressing a press conference, Badr Al Gargawi, CEO (Development & Planning) at Tecom Investments, set out the organisation’s priorities for the coming year, and underlined that a key driver for the master developer is in realising the vision of Dubai’s leadership and continuing to contribute to the growth of the knowledge economy.

"Tecom was born from the vision of His Highness Sheikh Mohammed Bin Rashid al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, to turn the emirate into a knowledge economy with the announcement of Dubai Internet City in 1999," stated Al Gargawi in the presence of Dr Amina Al Rustamani, the Group CEO, Tecom Investments.

"Fifteen years and 11 thriving business parks later, we remain fully committed to this vision and focused on developing it further by continuing to master plan and deliver a portfolio of successful business parks," he added.

Tecom has pioneered the concept of community development to support its thriving free zone business parks.

Its prime locations of Dubai Internet City, Dubai Media City and Dubai Knowledge Village are examples of this, with a 37,000 strong workforce benefiting from a mix of hospitality, retail, and commercial products.

Tecom Investments plans to replicate this approach across its other business parks, he added.

"As the market has evolved, so has our product offering and the way in which we have adjusted our focus. Enabling the growth of communities and their enhancement is a significant priority for us and we are actively seeking investors who will become partners in developing the retail, residential and hospitality products that will support our core offering," said Al Gargawi.

To support the drive for investment across retail, residential and hospitality, new land plots will be released within and adjacent to Tecom Investments’ business parks in 2015, offering opportunities for local, regional and global investors in prime locations, he added.

According to Al Gargawi, the strategic focus for Tecom Investments’ business parks in 2015 is to both enhance the existing offering for its business partners, and to release more office space onto the market, particularly in well connected, growth locations.

Dubai Industrial City, which is a strategic location for Tecom due to its close proximity to Dubai World Central and the planned Expo 2020 site, will see additional infrastructure development and the diversification of its product offering within the site, he noted.

The UAE business park master developer had recently announced the launch of Villa Lantana, a freehold community of 440 contemporary family villas in Dubai’s new growth corridor of Al Barsha South.

"The construction of Villa Lantana, due for completion in the last quarter of 2015, is on track. Sales since the launch have been robust and exceeded our expectations," stated Al Gargawi.

They have largely been driven by local and regional investors, with a key driver being TECOM Investments’ reputation for robust planning, quality construction, timely project delivery, and most importantly, knowing the needs of the end user.”

Al Gargawi said: "What is key for the continued growth of all our business parks is to nurture their next phase of development into viable, self-sustaining ecosystems. While some of this growth will occur organically, intelligent master planning and strategic development have a big part to play."

"Dubai is a city no longer in its infancy and future strategies for developers across the emirate should take this into account as urban maturation brings its own unique challenges. Business hubs now need to take a more holistic view of what they are providing to the market, evolving and adapting their offer to meet the needs of the customer," he added.-TradeArabia News Service