| 27 Feb 2008 |
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DIC expects $15b in investment
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27 February 2008
Dubai: Dubai Industrial City, (DIC)Dubai Industrial City, (DIC)
a project being developed by Dubai Holding unit Tatweer to create a strong manufacturing sector in the emirate, expects total investments of $15 billion in its infrastructure and factories.
The zone has attracted 430 industrial investors and basic infrastructure work is being expedited to enable investors to start building facilities, chief executive officer Rashid Al Ansari said.
He said most of the land for industrial use has been leased and 85 per cent of land for commercial buildings has been sold.
"This year we will be focused on construction work to turn the plan into a reality," Al Ansari told reporters on Tuesday.
Benefits
He said Dubai Industrial CityDubai Industrial City
is not a free trade zone and companies operating within the premises will benefit from the existing Greater Arab Free Trade Area agreement on non-tariff trade.Land is available to companies on a 49-year renewable lease for setting up factories, while in the commercial zone plots have been sold for non-manufacturing use.
Dubai Industrial CityDubai Industrial City achieved more than Dh1.5 billion in commercial plot sales of lands for use as schools, shopping centres, hospitals, residential areas, and recreation and entertainment facilities.
The investment on buildings, industrial plants and basic infrastructure like roads and utilities is expected to be $15 billion, Al Ansari said.
Clusters
Spread over 560 million square feet, Dubai Industrial CityDubai Industrial City features six industrial clusters for food and beverage, base metals, mineral products, chemicals, transport equipment and parts, and machinery and mechanical equipment.
There will be seven sectors for labour accommodation offering 14 to 16 buildings in each sector.
Al Ansari said huge demand from investors is an evidence of the growth of the industrial activity in Dubai.
"We are the first industrial destination that is strategically located and that offers a comprehensive range of commercial and industrial services and facilities. We are close to major highways, in close proximity to Jebel Ali Port and adjacent to Al Maktoum International Airport," he said.
By Shakir Husain
© Gulf News 2008. All rights reserved.
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