Dubai Investment Park announces development of third, fourth phase

The DIP has signed an agreement with the City Engineering Company (Khansaheb) for executing the ground structure of the third and fourth phases of the project, as also for the installation of all the requisite routes and electric cabling for water, electricity, water and fire hydrants and other safety utilities.

Present at the signing ceremony were Mr. Khalid bin Khalban, Managing Director of DIP, Dr. Ahmed Khayat, General Manager of DIP, Mr. Tariq Khansaheb, Member of the Board of Directors of Khansaheb, and Keith Ridgway, Executive Director of Khansaheb Civil Engineering.

Praising the growth of DIP in record time, Mr. Khalban profiled the success achieved by the Park, especially in view of the presence of a large number of local and international companies in the Park, representing different industrial, residential and trading businesses.

"Keeping this tremendous growth in perspective, we insisted on the launch of the third and fourth phases of the project as also increasing the extra space allocated for the industrial use," Mr. Khalban said, adding that the third phase of the DIP will cover an area of 25 million square feet.

"The demand for the phase can be gauged from the fact that the entire area has already been rented out even before the actual project has taken off. The entire project, encompassing both the third and fourth phases, entails an investment of approximately Dh45 million, which will get under way in August," he said.

Elaborating that the work on the project will commence soon, Mr. Khalban said that Khansaheb enjoys an internationally acclaimed reputation, which will go a long way in simplifying the facilities for the companies and establishments planning to take space in the DIP. He also stressed that DIP enjoys good support from the various government departments in Dubai, which will help in processing the requisite formalities with ease.

Speaking after the ceremony, Mr. Khansaheb said: "It gives us great pleasure to work with the DIP in building the ground structure for the third and fourth phase of this prestigious project, especially in view of the fact that it caters to a lot of industrial, residential and trading services."

He added that the project will be one-of-its-kind for Khansaheb in the region and the company will strive to offer the best services to the companies. "The specialist team that we have assigned to do the job will complete the project on schedule; at the same time ensuring that the work execution meets the global standards," Mr. Khansaheb said.

Dr. Khayat announced that the development of the third and fourth phases of the project involves a network of routes, which include connecting the ground structure to the rest of the buildings with the help of two bridges touching the north and the south sides.

"Each individual ground area being rented out in the third phase is about 10,000 to 30,000 square feet and covers the needs of different industrial sectors. The DIP will ensure that the cleanliness of the inner group is maintained. Each company wishing to take space is required to get the requisite approval from the Dubai Municipality in order to check for safety and cleanliness before launching any industrial project."

Dr. Khayat added that the third phase of DIP encompasses a whole range of plastic and iron-based units, heavy engineering factories, food, sea engineering and other sectors, which has an investment return of approximately Dh600 million.

The fourth phase of DIP is spread on an area of 15 million square feet and includes large spaces for the development of offices, schools, residential units and related services. The expansion of the fourth phase and the subsequent increase in the area will be added on at a later stage.

The Dubai Investments Park is being developed, managed and operated by Dubai Investments Park Development Company LLC (DIPDC), a wholly-owned subsidiary of Dubai Investments.

The Park, the only one to be launched by the private sector in the Middle East, offers 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 major attraction for investors is the long-term leases, renewable up to 99 years, that are available for industrial, commercial and residential projects.

The Park's tenants include industrialists and entrepreneurs representing a broad scope of economic activity -- pharmaceuticals, property development, metal treatment and insulation materials, water purification, boiling and distribution, heavy duty steel fabrication, cold storage, building systems, distribution of TV satellite equipment and the manufacture of cast steel valves for oil, gas and water industries and plastic pipes and accessories.