Tecom Business Parks, which comprises Tecom Investments' nine free zones, have announced new developments worth Dh1 billion ($272.2 million) thus reaffirming its position as one of the region’s leading business communities and demonstrating its growth momentum over the past year.

As Dubai’s economy continues to thrive, the Tecom Business Parks is set to deliver key projects, which will launch in 2014 and 2015 respectively, said the company in a statement.

Tecom Business Parks has been a major catalyst in Dubai’s growth as a knowledge-based economy for well over a decade, and in 2013, welcomed 549 new business partners and saw the number of knowledge workers located within its business parks grow by 23 per cent to reach 58,000.

This growth has created renewed demand within Dubai’s dynamic market for business communities, facilities and advanced infrastructure that support new entrants into the market as well as the expansion of existing players, it added.

Tecom Business Parks’ new project, The Butterfly, is two office buildings located in the heart of Dubai Media City and Dubai Internet City, which offers 255,000 sq ft of world-class facilities and infrastructure, tailored office space as well as a spacious outdoor plaza. The development is expected to be completed by the end of 2015.

Tecom Business Parks is also set to complete the DuBiotech Headquarters Building, which comprises of commercial space and retail units and is easily accessible from Al Khail Road, Sheikh Zayed and Mohammad bin Zayed Road.

This development has been designed to incorporate sustainability elements and covers a total area of over 500,000 sq. ft. and is expected to be completed by the first quarter of 2015.

In International Media Production Zone (IMPZ)’s growing community, the publishing pavilion, a nine storey development with a total area of 267,191 sq ft is close to completion with handover expected in the fourth quarter of 2014.

In addition, Makateb, a multi-building development comprising two four storey towers, and two seven storey towers and a total area of 299,736 sq ft is currently under construction with handover expected in the first quarter of 2015. Both developments will cater to companies from across the media value chain.

Commenting on these new developments, CEO Malek Al Malek said: "Dubai is cementing its position as the region’s leading strategic business hub, and receiving significant interest from global and regional players across different industries to set up their businesses."

"Tecom is committed to remaining at the forefront of Dubai’s knowledge economy, ensuring we address business requirements by enhancing our services, optimising our assets and developing new projects to meet market demand," he noted.

"As Tecom Business Parks launches new developments and moves closer to handing over existing ones, we continue to demonstrate our commitment to driving Dubai’s economy and industries, and our readiness to respond to growth in market demand," he added.-TradeArabia News Service