HH Sheikh Hamdan bin Rashid Al Maktoum inaugurates Phase 1 of Dubai Investments Park

HH Sheikh Hamdan unveiled a plaque to inaugurate Phase 1 of the Park at a ceremony attended by a large number of senior government officials, eminent personalities and leading UAE businessmen.

Following the inauguration, HH Sheikh Hamdan visited a special exhibition organized by Dubai Investments Park, showcasing the products of 24 companies that are based in the Park. During a tour of the multi-phase project, which is being developed at a total cost of Dhs. 1.5 billion, HH Sheikh Hamdan laid the foundation stone for Phase 2 and also visited some of the companies.

The companies that participated together with Dubai Investment Park at the one-day exhibition were Al Bayan, Al Hawai Office Furniture and Equipment, Al Othman, Al Shafaar Industries, Arabian Oasis, Aswan International Co-Op Islami, Dubai Furniture, Dubai Pipes, Emicool, Emirates Building System, Emiroll, Eurostar, Global Pharma, MBT Middle East, Modern Plastics, Transmed, Zedklym, Green Community, Duproof and National Insulate.

Speaking at the inauguration ceremony, Mr. Anis Al Jallaf, Chairman of Dubai Investments PJSC, the developers of Dubai Investments Park, expressed his gratitude and that of his Board for the whole-hearted support and encouragement given to the project by the Government of Dubai, His Highness, Sheikh Maktoum bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai and His Highness, Sheikh Hamdan bin Rashid Al Maktoum.

"Their wonderful support right from the inception of this project is the main reason why we are able to show positive results now. In fact, the concept of Dubai Investments Park itself is a result of the vision and determination of the Government of Dubai to promote the emirate as an international centre for trade, finance, technology and tourism as part of its long-term programme to support and create projects that contribute towards economic diversification", Mr. Al Jallaf said.

Dubai Investments Park, which covers an area of 3,200 hectares, is strategically located in Dubai's economic growth corridor, offering local and foreign investors a range of unique benefits, world-class facilities and quality services.

The Park 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 is available for industrial, commercial and residential projects. The Park provides cost-effective and speedy solutions to investors at very competitive rates and at a central location.

Mr. Al Jallaf said that the directive issued earlier by HH Sheikh Hamdan to extend the lease period to upto 99 years has helped dramatically improve the investment climate in Dubai and further enhanced Dubai's image as a strategic investment and financial hub in the Middle East.

"This initiative of Your Highness has encouraged more and more foreign investors to either chose Dubai as a regional base to launch new projects or start re-locating their existing businesses to Dubai. The fact that Phase 1 of our Park is almost fully leased reflects the confidence and trust that investors have reposed in Dubai and investment projects like Dubai Investments Park".

Phase 1 of the Park, which accounts for 12 percent of the total area of the project, was completed at a cost of Dhs 120 million. It has attracted 45 local and foreign investors representing a broad scope of economic activity from pharmaceuticals and property development to building systems, distribution of TV satellite equipment and the manufacture of fire fighting equipment.

A total of 871,411 sq m. of land has been leased in Phase 1 for residential projects including a unique Green Community which is being created by leading property developers, Property Investments. This residential community will have more than 700 single-family homes, townhouses and apartments supported by modern shopping malls, health clubs, kindergartens, medical and dental clinics, recreational facilities, restaurants and cafes.

Mr. Al Jallaf said that Phase 2 would be completed by the end of this year at an estimated cost of Dhs. 45 million. He said that Phase 3 of the project, which will start later, will focus on the development of land for industrial projects while Phase 4 will focus on commercial and residential projects. By 2005 the total amount of investment at Dubai Investments Park will increase to Dhs. 3 billion.

He thanked a number of government institutions for their excellent support to the project including Dubai Municipality, Department of Tourism and Commerce Marketing, Dubai Electricity and Water Authority, Department of Economic Development and Etisalat.

The strategic location of Dubai Investments Park and its close proximity to the Jebel Ali Free Zone supported by a superb road network allows companies based at the Park to service a huge market of over 1.5 billion consumers. Fast access to the nearby Jebel Ali port meant they can ship their goods quickly to regional and international markets.

As the only fully integrated investment park in the Middle East it offers a number of benefits and community services including educational and recreational facilities for families, on-site 24-hour security, medical services, postal services and staff accommodation for companies.Extensive landscaping that is being undertaken and separate pedestrian and bicycle paths will enhance the overall living environment in the Park. The environmentally friendly focus of the entire development is highlighted by the fact that investment in industrial activity that could pollute the area is banned.

The Park is being developed, managed and operated by Dubai Investments Park Development Company LLC (DIPDC), a wholly owned subsidiary of Dubai Investments, a joint public stock company with a subscribed capital base of US $ 350 million.
ends