Phase One Of Dubai Investments Park Completed

by Lorys Charalambous, Tax-News.com, Cyprus

22 April 2002

The Managing Director of the Dubai Investments Park (DIP) project has announced that phase one of the private-sector led initiative has been completed and leased out, with demand for involvement now so great that some plots in undeveloped areas have also been snapped up.

'We are well ahead of our target schedule,' Khalid bin Kalban, who is also the Chief Executive of Dubai Investments, said of the ambitious 15 year plan. 'Feedback and demand have been quite good. This is evident from the response we received from people who've seen the site today and compared it to the desert they saw a few years ago.'

The development project was launched in 2000, and occupies 3,200 hectares in the South of Dubai, near the Jebel Ali Free Zone. When completed, the DIP will offer state of the art facilities and sites for manufacturing, offices, housing, and academic, research, distributions and logistics institutions.

According to the project's Managing Director, 35% of the space has been earmarked for industries, 20% for residential housing, 40% for infrastructure, landscaping, and recreational facilities, with the remainder to be allocated to regional offices, headquarters, showrooms, and business centres.

Estimates have suggested that by 2010, around 20,000 individuals will be living or working within the development.

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