Thursday, February 26, 2009

Food City worth $200mn underway in Dubai

A five million square foot self-contained development, worth Dh.734mn ($200mn), namely the "Food City", is underway in Dubai, revealed industry sources yesterday.

The development, with a capability of accommodating 400 to 500 companies, is aimed at wholesale food merchants, said Farouk Qasim, Head of Food and Beverage group, Dubai Chamber of Commerce and Industry (DCCI).

According to Qasim, things would be easier if everything is under one roof, such as inspections for customs, or warehousing. Therefore it would be a one-stop shop.

Although the estimated value of the project is currently worth $200mn, this figure may vary depending on the construction costs.

The City is likely to be located close to a seaport, as majority of exports go by sea. Dubai Food City will increase food security in the UAE, which already imports 90 percent of its food. The project, which is currently in planning stages, will be carried out in four phases, with one complete phase hoped to be completed by 2012.

Dubai already houses the Dubai International Finance Centre, Media City, Internet City, Healthcare City, Knowledge Village, Humanitarian City, among others.

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