British Business Group hosts Industrial City lunch

Chief Executive Officer Khalid Al Malik told members of the British Business Group, Dubai & Northern Emirates, that companies will begin construction of their plants within a few months and the City's first phase will be completed by the second quarter of 2007.

Mr Malik was the guest speaker at the BBG's monthly lunch held at the Dusit Hotel, Dubai. He said that DIC is being set up by Dubai Holding to attract industrial units as part of Dubai's vision to become a globally recognised location for manufacturing, logistics, industrial research and education and to change from being an importer to a producer.

Work is now well advanced on the site next to the Emirates Road. It measures 10 x 5.5km and will be alongside the new Arabian canal being built from Dubai Waterfront. Jebel Ali Port and the new Jebel Ali Airport are ten minutes away. The self-contained city has been planned for a population of 550,000.

Mr Malik pointed out that DIC is not a free zone and therefore goods produced there would be allowed duty free import into GCC countries.
He said the regulations had been set up in anticipation of the new UAE Companies Law that was expected to come into force by June of this year and would allow 100 per cent foreign ownership.

"The draft is now being considered by the seven emirates and is now at the final stage. We are very positive about it," he said.
He said that DIC would provide a one-stop service for investors, dealing with all administrative matters with government departments. It would establish a human resources centre that would recruit labourers from the MENA and Asia Pacific regions and they would be housed in an area that would be provided with shops, entertainment and other facilities.

"It is an entirely new concept," he said.