Jul 21 2007 |
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Dubai Industrial City rents its land to investors for Dh777m
Dubai Industrial City , a Dubai Holding project, has rented out all its land and 30 new factories will be built this year, according to a top official."There are 388 new world investors in town and infrastructure contracts worth Dh777 million have been signed to build a network of road and primary services," Dubai Industrial City CEO Rashid Al Ansari said.
The first industrial investor will start production by the end of this year while no fewer than 30 factories will be set up throughout the year.
More than 25 per cent of the first phase of the infrastructure is complete and by 2015 all work within the industrial city will be ready.
Efco of India will build a plant for foodstuff and beverages with investment worth $250m (Dh917.5m).This will be followed by ETA Ascon which will invest $125m (Dh458.7m) in the vehicle and lift industry.
Al Attar Company will build four factories of metallurgy, glass and furniture, with $50m (Dh182.5m) investment.
The first road in the industrial city, stretching 10.5km, will be completed by the end of 2007 and the interior roads will be completed in several phases ending in mid-2009.
The CEO said the city has all the main requirements needed for the success of any industrial city, including logistical and administrative facilities as well as a developed infrastructure. The city will have land for the building of warehouses at a total area of 20 million cubic feet.
There will be 12 million cubic feet space for storage, normal and refrigerated.
The city has contracted Trans Park and German Post to supply logistical and consultative services to investors.
The Naturalisation and Residency Department will have a branch there to offer services to investors.
Al Ansari said there are six main sectors within the city:
food resources and beverages, metallurgy, chemicals, equipment and machinery, construction materials and communications.
The city offers land on lease for 49 years, renewable for another 50 years.
Dubai Industrial City is built over an area of 62 million square metres.
The cost of the first phase is $200m (Dh734m).
It is expected that the city will contribute $10 billion (Dh36.7bn) to Dubai's GDP by 2010. The industrial sector's contribution does not exceed $8bn (Dh29.36bn) at the moment.
The city will build housing units for 87,000 workers with an investment of $450m (Dh1.65bn).
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