Tuesday, September 27, 2005

Dubai's free zones poised for massive growth

The Dubai Internet City (DIC) and Dubai Media City (DMC) communities are poised for massive growth with a number of private investors investing in the Free Zone's infrastructure development.
Dubai Internet City

Several private investors have entered into Property Management Leasing Agreements (PMLAs) with the Dubai Technology and Media Free Zone, an investment model under which private investors develop buildings on Free Zone land while the Free Zone runs and manages the property.

The expansion responds to the huge interest from ICT and media companies around the world to be part of the DIC and DMC communities. It is also in line with the two organisations' strategy of focusing on enabling-services and business support to the industry while non-core aspects are taken care of by investors and third parties.

The Al Thuraya 1 Tower, the first building developed by a private investor within the Free Zone has just opened for occupancy. The Tower has already been completely occupied. This is the first of an estimated 27 buildings expected to be created in the next five years in the first phase of the Free Zone's infrastructure development.

'The new exciting infrastructure expansion will create the capacity for the Free Zone's growth into a richer and even more vibrant knowledge industry hub,' said Jamal Abdul Salam, Executive Director of Dubai Internet City. 'The PMLA model gives us the ability to focus on our core strengths in providing support and business development services, while investors focus on the infrastructure. This is the best model for our expansion strategy and creates tremendous synergies between the Free Zone's and the investors' strengths,' he added.

'We have partnered with investors who understand the business of the Free Zone and have a long-term track record in the market. These are businesses who understand infrastructural support for knowledge-based companies,' said Dr. Amina Al Rustamani, Executive Director of Media, Dubai Technology and Media Free Zone. 'Once they develop new properties, we will take on all the management and maintenance responsibilities to ensure a productive and profitable experience for the companies accommodated by the new infrastructure.'

Dubai Technology and Free Zone is responsible for all aspects of sales and marketing of value-added property services, as maintenance and management of the facilities. All companies moving into the new facilities will be able to avail of free zone benefits offered by Dubai Internet City and Dubai Media City.

Following the infrastructure development, Dubai Internet City and Dubai Media City will be expanding their support services to cater to the expanded community.

The new infrastructure will accommodate several new international and regional companies including global technology and media majors. The establishment of the regional headquarters of some of these global players in Dubai Internet City and Dubai Media City are set to be announced in the coming months.

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