Wednesday, August 22, 2007

Dubai Industrial City rents out land for construction of factories

Dubai Industrial City
Dubai Industrial City, a subsidiary of Dubai Holding, has rented out its land for an investment worth Dh.777million. Thirty new factories are expected to come up next year.

About 25% of first phase infrastructure is already completed and by 2015, work within Industrial City will be ready.

The CEO of Dubai Industrial City, Rashid Al Ansari, said "There are 388 new world investors in town and the infrastructure contracts worth Dh.777 million have been signed to construct a network of roads and primary services. The city has six main sectors namely metallurgy, chemicals, equipment, food resources and beverages, construction materials, communication, equipment and machinery. The city will offer lands on lease for 49 years, which could be later renewed for another fifty years."

The Dubai Industrial City Real Estate Development will cover an area of 62 million Square meters and with the first phase of the project worth Dh.734 million. The city will contribute Dh.36.7billion to Dubai's GDP by 2010. The city will construct 87,000 housing units worth Dh.1.65 billion for labourers.

No comments: