Dubai Investments Park Development Company has announced that 70 percent of land has already been leased in Phase 2 of project with a total of 86 companies and residential complexes being established so far in an area of eight million square meters at the region's only investment zone.
Phase 2 of the Park development is being undertaken at an estimated cost of 45 million Emirati dirhams ($12.2 million), and is spread over an area of 20 million square feet. Phase 1 of the Park, which accounts for 12 percent of the total area of the project, was completed at a cost of Dh 120 million. Phase 3 will focus on development of land for industrial projects while Phase 4 will be largely for commercial and residential projects.
Kalban said that major business establishments have launched manufacturing units in the second phase of the project including property developers, Zedklym, who are developing a light industrial complex consisting of 16 blocks of 128 units for warehousing and light manufacturing facilities.
Other companies include Al-Hassani Group, which operates 14 companies in a diversified range of activities, from tea to children's food products, marble production and construction, Seven Seas freight services and information technology, Abdullah Al-Moosa Group of Companies, who are involved in multiple industries including manufacturing and distribution of furniture and Emicool.
Also in Phase 2 are business houses from other Gulf Cooperation Council (GCC) countries including Saudi Arabia's Al-Aujan, producer of fruit juices like Rani, Vimto and Hani, and Mohammed Al-Othman Company, producer of Nada juices.
The Park, the only one to be launched by the private sector in the Middle East, is a mixed use industrial, business, residential and recreational development offering investors pre-serviced sites, world-class infrastructure, state-of-the-art facilities and quality services for manufacturing, housing, academic, research, distribution and logistics purposes. A long-term lease option of up to 99 years that is available for industrial, commercial and residential projects, is another major attraction for investors.
The Park is being developed, managed and operated by Dubai Investments Park Development Company (DIPDC), a wholly owned subsidiary of Dubai Investments, a joint public stock company with a subscribed capital base of $350 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
