The Hindu Business Line : Dubai sets up industrial city to attract investors

"The move is part of the UAE's strategic plans to diversify its economy and catalyse the role of non-oil sectors such as tourism, trade and industry."

Abu Dhabi , Nov. 24

THE Dubai Government on Wednesday announced the establishment of a comprehensive industrial city in Dubai under the name of Dubai Industrial City.

The step is aimed at catalysing the growth of the industrial development in the UAE.

Mr Mohammed Al Gergawi, Chairman of Dubai Development and Investment Authority (DDIA) and CEO of Dubai Holding, said in a statement that the Dubai Industrial City would be spread over an area of 560 million sq ft and will be equipped with comprehensive infrastructure to transform this sector to one the most active drivers for economic development.

The move is part of the UAE's strategic plans to diversify its economy and catalyse the role of non-oil sectors such as tourism, trade and industry, he said.

The city will be built near the Jebel Ali Port and close to the highways that connect Dubai to other Emirates. The companies operating from Dubai Industrial City will get many benefits including a single window service, easy regulations and transparency and long lease for land and buildings.

``We have a huge number of consumers in the region from the Indian Subcontinent to North Africa. Besides, the low cost of energy is one of the most important elements for establishing an active industrial sector,'' Mr Al Gergawi said.

He said that the new venture not only attract FDI but it will also offer unique investment opportunities to attract back the estimated $1 trillion in Arab investments that are parked outside the Arab world.

The new project comes close on the heels of the announcement of the third Palm Island project in the Deira offshore area of Dubai Emirate.

The third Palm Island has been launched due to the tremendous response to the earlier two islands coming up in Jumeriah and Jebel Ali from a wide cross section of international investors.