Third phase of Dubai Investments Park project announced

The Park project has made tremendous progress since it was inaugurated in March, and it has become a magnet for local, regional and foreign investors. Phase 3 of Dubai Investments Park covers the development of land for industrial and residential purposes on an area of 200 million sq ft.

Announcing plans for Phase 3 of the Park, Mr. Khalid Al Kamda, Chairman of Dubai Investments Park Development Company, said: "Dubai Investments Park is a major economic project in the region. It offers investors a central location to launch projects in a number of sectors including industrial, commercial, residential and recreational. As a result of the immense progress achieved, we have instituted a new Board to further enhance the image of Dubai Investments Park as a unique investment zone".

Mr. Kamda said: "Dubai Investments Park is based in a strategic location, offering investors numerous opportunities and benefits in an area which is fast becoming the new Dubai. This location has become even more significant following the announcement of the Dubailand project. These projects reflect the vision of the Government of Dubai under the direction of His Highness General Sheikh Mohammed bin Rashid Al Maktoum to establish Dubai as a financial, trade and tourism hub in the region and further enhance its position internationally.

Mr. Kamda said that more than 100 local and foreign companies are currently based at the Park with another 124 industrial units ready for lease. Phase 2 of the Park development was undertaken at an estimated cost of Dhs. 45 million, and is spread over an area of 20 million sq ft. 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.

He said that there has been a great response from investors to Phase 3 with the applications received so far covering 60 percent of the land allocated for this stage of the project. Phase 4 will focus on development of land for commercial and residential projects.

Major companies have invested in the residential zone at Dubai Investments Park. One of these are Property Investments Company, who are developing the Green Community residential project in an area of seven million sq ft that will have luxury single-family homes, townhouses and apartments together with various recreational and community services and facilities. These residential units will be made available in three months time. Lootah Real Estate Development, another major developer of residential projects at the Park, has started construction work on its Evan Residential Compound that is spread across a 2 million sq ft area.

Dubai Investments Park will have the Marriott Courtyard, five different restaurants, one major shopping mall, a school, health and sports facilities, among the service and community projects.

The companies that are setting up in Phase 2 include Youseif Abdul Aziz Al Granis Trading Est., RedRock Limited, Al Mossa Enterprises Co. LLC, Paris Group International LLC, Al Reyami Technical Services, Al Aujan Industries Co LLC, Al Salam International Investments Ltd., Interplast Co.Ltd., Emirates Flight Catering Co (LLC), DARCOM General Trading Co.LLC, Sunrise Metal Coating, Diamond Lease LLC and Kangaroo Plastics.

Several other companies commenced operations at the Park during Phase 2 including the Al Hassani Group, which operates 14 companies in a diversified range of activities, Seven Seas, leaders in sea freight services and information technology, Abdullah Al Moosa Group of Companies, who are involved in multiple industries including manufacturing and distribution of furniture, and Emirates Cooling.

Mr. Kamda said that the Park has started projects in collaboration with Dubai Municipality to connect to the irrigation water distribution system, plant trees and introduce street lighting designed to maintain the beautiful external and internal landscape of the Park. A wastewater treatment and re-cycling facility has been further enhanced by increasing its capacity from 500 tonnes to 1,000 tonnes.

As part of its commitment to support the welfare of the workforce, Dubai Investments Park is constructing an additional 230 senior/junior employee accomodation units for 1500 persons, adding to the existing junior employee accokmodation facilities provided by the Park.

Mr. Kamda added that Dubai Investment Park will help in expediting the processing of visas and other immigration services in coordination with Dubai Naturalisation and Residency Department to ensure a hassle-free experience for investors at the Park.

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.