Power Letters 2023: Abdulla Belhoul, chief executive officer, Tecom Group

Power Letters 2023: Abdulla Belhoul, chief executive officer, Tecom Group

This past year we welcomed the promised return to normalcy. Our leadership’s swift response to the Covid-19 pandemic set the UAE up for a transformative 2022. Economic growth has been strong, underpinned by a rebound in domestic business, travel and tourism, and events. The International Monetary Fund projected the UAE’s GDP to cross six per cent this year – a 3.8 per cent increase from 2021 that nods to renewed business and investor confidence. We are seeing efforts to sustain that momentum through several government-led initiatives. Increased access to work and residency visas, enhanced business frameworks and strategic trade agreements, are directing greater investment and business to the UAE. Complemented by our strategic location on the world map, Dubai is truly a global business hub. This reflects in the surge of new licences and residents, which are boosting demand in the commercial leasing sector. Citywide office occupancy levels in Q3 2022 hit the highest peak since 2014, and demand for high-quality spaces is swelling as more people return to the office. Last year, we opened our investor base by listing shares on the Dubai Financial Market (DFM) to increase access to investment. Listing has also allowed shareholders to tap into