110 traders take up space in Dubai Textile City
In an endorsement of the significance of the Dh 220-million Dubai Textile City, space for the entire first phase of the project has been sold out with 110 textile traders confirming bookings within the landmark development coming up approximately on six million square feet in Al Warsan, near Al Awir in Dubai.
Announcing the response to the project, a senior spokesperson of the Dubai-based over 300-member Textile Merchants Group (Texmas), said each unit within the Dubai Textile City, slated to open by the second half of 2005, will occupy a space of 5,800 square feet.
“Bookings for the second and final phase of the development, which will comprise of 100 individual outlets, have already commenced and we expect them to be snapped up in the next few weeks,” said Ashok Sawlani, Vice Chairman of Texmas.
“The Dubai Textile City is a classic instance of the kind of close partnership that has evolved between the public and private sector the collective good of the country's economy. Work has already started on the exciting development that will further underpin Dubai's status as the region's booming textile and garment trade hub,” he added.
The project, jointly promoted by Dubai's Ports, Customs and Free Zone Corporation (PCFC) in collaboration with Texmas, will boost Dubai's textile trade valued at just under Dh10 billion annually and is one of the biggest contributors to the emirate's GDP. With the development of the Dubai Textile City, the trade will make a qualitative leap into the next phase of its growth.
"What is particularly encouraging about the response to the first phase of the project is the number of newcomers that have been attracted to it. The demand has been so high that we had to go in for a system of lots to allocate space to investors," Mr. Sawlani said.
He said the project is being financed by Dubai's textile trading community. "Each applicant who has been granted space in Dubai Textile City will be paying a fixed sum, which will go towards developing the project," Mr. Sawlani said. (menareport.com)
© 2004 Mena Report (www.menareport.com)