| 08 Jun 2008 |
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Fresh DOZ investments to touch Dh2b
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30m sq ft to be added in phase II by 2010
Dubai Outsource Zone (DOZ) is seriously considering replicating the zone in countries such as Morocco, Jordan and Egypt soon, according to a top official of the zone. Talking to The Business Weekly recently, Ismail Al Naqi, executive director, Dubai Outsource Zone, said the management is currently in talks with the government of Morocco to finalise a plan to set up a similar free zone in Morocco which has recently been witnessing good growth on all fronts, prompting several overseas companies to establish a presence there, especially in its financial services industry.
"We are keen to take this model to other regional countries but for the time being, the GCC is not on our radar screen," Ismail said.
He told TBW that the zone has already invested about $500 million in creating infrastructure and constructing buildings.
Today the zone has three million square feet of land, but the second phase will soon be developed on an adjacent land, admeasuring 30 million square feet. "The second phase which will be developed in phases is likely to be ready by 2010. While $200 million has already been spent on developing infrastructure in phase 1, another $300 million was spent on constructing buildings," Naqi explained.
25,000 people
He said by 2010, when the infrastructure of the second phase is complete, DOZ will have invested more than Dh2 billion on infrastructure and buildings. Naqi expressed hope that DOZ which has more than 7,000 people and 100 companies operating from the zone will have 25,000 people working from the zone by 2010.
The unprecedented growth in the financial services sector, especially banking, has offered a good platform for outsourcing in the region, and this has played a significant role in the spectacular growth of Dubai Outsource Zone's during this short period since it was set up about three years ago.
Outsourcing plays a vital role in all walks of business, especially in a place like Dubai whose pace of growth is unheard of in the region. Whether be it call centre or IT implementation, outsourcing helps companies focus on their core activities. "In fact, outsourcing can help institutions focus 70 per cent of their energy and time on their core activities and strategic objectives which otherwise would not be possible," Naqi added.
In the absence of a custodian for this industry, outsourcing has always remained scattered in Dubai until DOZ was set up, according to Naqi. DOZ is in the process of bringing this service sector under an organized umbrella.
DOZ offerings are multiple, the most important being space solution followed by residential facilities, technological infrastructure, ancillary support etc. "Another important factor is that DOZ assures freedom from red-tapism and offers a one-stop solution to all paper and other administrative works," he added.
Already, more than 120 companies are registered with DOZ and the big names established within the zone include Du, Arab Bank, ABN AMRO, Mashreq, Habib Bank Zurich, Barclays, Dubai First, and many other financial institutions.
By CL Jose
© The Business Weekly 2008
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