Dubai Investments has said that 100 new companies have either leased units or sublet space at Dubai Investments Park [DIP] last year, bringing the total number of firms on the 2,300-hectare development to 4,600.
Construction has also started on 48 new sites to build new facilities, mainly from manufacturing companies.
Omar Al Mesmar, the general manager of DIP, said that its proximity to the Expo 2020 site made the park “a favoured option for investors and end users, with pent-up demand for logistics, accommodation and ancillary services”.
“Over the last 18 years, DIP has attracted a number of companies and big businesses to its industrial zone, and contributed immensely to the country’s GDP,” he said. “The total value of investments made by DIP tenants towards their facilities and factories is approximately Dh50 billion.”
More than 95 per cent of the land at DIP is leased to tenants and 98 per cent of its industrial zone is occupied. Tenants are generally involved in light-to-medium industries such as aluminium, steel manufacturing, oil and gas, construction, building materials, chemicals and pharmaceuticals, among others.
Wider facilities at the park include 12,000 homes, 20 million square feet of office space, six schools and five hotels. Eight new hotels are also being built.
A study published earlier this month by Cluttons argued that demand in Dubai’s industrial market has already begun moving southwards across the city towards Dubai South and Al Maktoum International Airport, which is the neighbouring district to DIP that also contains the Expo 2020 site.
Despite this, rents for prime industrial property remained flat in Dubai South (at Dh60 per sq ft) over the past 12 months and have declined by 6 per cent (to Dh47 per sq ft) in DIP. Rents for secondary industrial units have dropped by about 5 per cent in both communities.
Faisal Durrani, the head of research at Cluttons, said: “Our research shows that although prices across the leasing and sales markets have softened over the first two quarters of this year, the volume of transactions has been maintained.”
mfahy@thenational.ae
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
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3 Bernard Arnault $83.1 billion
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5 Amancio Ortega $67.9 billion
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Wins: 28
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Losses: 4
