Dubai Internet City (DIC) announced its plans to penetrate the Saudi Arabian market through its participation at Gitex Saudi Arabia Information Technology (IT) exhibition to be held from April 21-25, 2002.
The strategic move is in keeping with DIC’s mission to create an infrastructure and environment that will enable information, communication and technology (ICT) enterprises to operate locally, regionally and globally from Dubai with significant competitive advantage.
“Saudi Arabia is the fastest growing market for IT in the region with tremendous potential for growth in every aspect of information technology. We would like to offer Saudi-based IT companies an ideal platform from which to target the entire region and the world. Our two key objectives are to draw genuine players into DIC and to continue to provide unlimited support to our business partners.” said Omar Bin Sulaiman, DIC’s head.
The strategies of DIC are constantly evolving due to the ever-changing business needs and requirements, according to a company press release. The Media and Technology Free Zone has a total of 650 companies within its premises with about 310 of them being housed at DIC. Growth within a short span of two years has ensured that phase three expansion of DIC will include construction up to one million square feet area of office space.
“It is estimated that the United Arab Emirates (UAE) is among the least expensive investment destinations in the Middle East thus making it more feasible for companies to invest in Dubai. We would like to offer Saudi-based IT companies an ideal platform from which to target the entire region and the world. Saudi banks, financial institutions and other organizations need no longer look to the US for world class hosting facilities, when we can offer them the same so much closer home at our data center with IBM,” said Sulaiman.
DIC is the first complete ITC center in the world to have been built inside a free trade zone. With over 300 companies now operating from its premises. DIC allows 100 percent foreign ownership of companies and laws relating to partnerships with local sponsors have been relaxed. Sales, company earnings and private income are exempt from any form of taxation. Companies can also take land on a renewable lease of up to 50 years and build their own offices. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
