NEW DELHI: The Executive Centre (TEC), a Hong Kong-based workplace solutions provider, plans to expand in the United Arab Emirates (UAE) with an investment of over Rs 240 crore.
The company is looking to add at least one lakh sq ft in Middle East in the coming years. The total investment that TEL is looking to make in Dubai is AED 62,750,000 (approximately Rs 142.48 crore) while in Abu Dhabi it’s investment is about Rs 98 crore.
It recently leased over 10,000 sq ft space in Abu Dhabi at Level 7 of Al Maryah Tower, Abu Dhabi Global Market (ADGM), a business district in UAE. This is their second center in the country.
Nidhi Marwah, group managing director of the company said, “Abu Dhabi is an extremely important market for us, and we are witnessing increased adoption of flexible workspaces in the region with companies embracing asset-light strategies to scale their business.”
The centre will have 175 workstations and will be launched in January 2024. It has made an investment of AED 2,08,80,000 (approximately Rs 47.41 crore) in the center.
Its first center in UAE was in One Central-Dubai having 25,000 sq ft where the company made an investment of AED 2,24,00,000 (approximately Rs 50.86 crore).
The Executive Centre also wants to add about 3-4 lakh sq ft space in India. It had made an investment over Rs 100 crore in the first half of 2023 with the signing of eight new centres having over 2 lakh sq ft space and 2,200 workstations. TEC recorded a 24% annual revenue growth at $45 million in India during the last calendar year. Globally, the company recorded a revenue of $283 million during the same period.
It currently has presence in 15 markets and 33 cities with 4.2 million sq ft of collaborative workspace globally.
