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TEC, a prominent Hong Kong-based provider of workplace solutions, is poised to embark on a substantial expansion in the UAE, announcing an investment exceeding Rs 240 crore for this endeavour. The company's strategic vision includes the addition of at least one lakh square feet in the Middle East in the coming years. Notably, TEC is earmarking a total investment of AED 62,750,000 (approximately Rs 142.48 crore) for its venture in Dubai and Rs 98 crore for its expansion in Abu Dhabi. TEC recently secured a lease for over 10,000 square feet in Abu Dhabi, specifically at Level 7 of Al Maryah Tower, Abu Dhabi Global Market (ADGM), a prominent business district in the UAE. This marks the company's second centre in the country and underscores a pivotal milestone in its growth trajectory. Escalating demand for high-quality, tailored workspace solutions that cater to the dynamic needs of modern businesses underpins the decision to expand. The upcoming centre in Abu Dhabi, set to launch in January 2024, will house 175 workstations, representing a substantial investment of AED 2,08,80,000 (approximately Rs 47.41 crore). This move follows TEC's first centre in the UAE, located in One Central Dubai, spanning 25,000 square feet and carrying an investment of AED 2,24,00,000 (approximately Rs 50.86 crore). TEC's ambitions extend beyond the UAE, with plans to add about 3–4 lakh square feet of space in India. The company has already invested over Rs 100 crore in the first half of 2023, signing agreements for eight new centres with a total space of over 2 lakh square feet and 2,200 workstations. TEC demonstrated robust performance in India, recording a 24 percent annual revenue growth of $45 million in the last calendar year. Globally, the company achieved revenue of $283 million during the same period. As of now, TEC operates in 15 markets and 33 cities, boasting a membership base of over 47,000 individuals and offering 4.2 million square feet of collaborative workspace on a global scale. In summary, TEC's substantial investments and expansion plans in the UAE underscore its commitment to meeting the dynamic needs of modern businesses. As a key player in the evolving landscape of flexible workspaces, the company aims to shape the future of collaborative work environments, both in the Middle East and globally.
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