Dubai’s crown prince, Sheikh Mohamad bin Rashed Al-Maktoum, announced the launch of the Dubai Media City (DMC), an initiative that intends to establish Dubai as a regional media center. The plan is for the City to be the regional base for media businesses, producers and freelancers from across the industry including publishing, broadcasting, production, communication services and music.
It will provide state-of-the-art facilities and services to cater to all facets of the media world. Dubai Media City plans to attract international media companies and businesses, and to serve as a media hub for the region and as a global link to the Middle East, the Indian Subcontinent, CIS countries, Northern, Central and Southern Africa.
DMC is the third major initiative to be announced as part of the Dubai Technology, E-Commerce and Media Free Zone Authority and will work with the other two operating companies, Dubai Internet City and Dubai Ideas Oasis.
Companies moving into the DMC will benefit from the Free Zone status, including 100 percent foreign ownership and a 50-year exemption from corporate and personal taxation. Additionally, Sheikh Mohamad guaranteed freedom of speech for firms located in the City. — (Lebanon Invest)