JEDDAH, 26 November 2004 — A comprehensive industrial city is being established in Dubai. This follows the directives of Sheikh Maktoum ibn Rashid Al-Maktoum, UAE vice-president and prime minister, and ruler of Dubai, and General Sheikh Mohammed ibn Rashid Al-Maktoum, crown prince of Dubai and UAE minister of defense.
The Dubai Industrial City is aimed to catalyze the growth of industry in the UAE and transform the country into an industrial hub in a bid to attract entrepreneurs, manufacturers, producers and investors from all around the world.
“The industrial city will be spread over an area of 560 million square feet and equipped with comprehensive infrastructure to transform this sector into one the most active drivers for economic development,” Mohammed Al-Gergawi, chairman of Dubai Development and Investment Authority (DDIA) and CEO of Dubai Holding, said.
“The establishment of the city is in line with UAE’s strategic plans to diversify its economy and catalyze the role of non-oil sectors such as tourism, trade and industry, accelerate the economic growth in the country under the leadership of UAE President Sheikh Khalifa ibn Zayed Al-Nahyan,” he said.
Establishment of the Dubai Industrial City comes after many studies that the DDIA conducted covering all the issues connected to the industrial sector, locally, regionally and internationally. These studies have confirmed that there are huge opportunities to enlarge local and regional investments and attract foreign investments to the industrial sector. “We would need to deal with the challenges that prevent the growth of this sector and offer the right environment and facilities in this field,” Al-Gergawi said.
The city is to be built on a huge area of 560 million sq. ft. near the Jebel Ali Port and close to the highways that connect Dubai to other Emirates for easy access and transport of raw materials and manufactured products.
The city will benefit from the unique advantages of UAE including its strategic geographical location which includes more than 1.3 trillion consumers around it, tax-free status for UAE products in many regional markets, easy import of raw material and export of finished products through a number of airlines and ships connecting the country all around the world and a network of roads connecting UAE with the region.
“The city will play an active role in supporting exports through international promotional programs under the slogan “Made in UAE”. The city will also work to remove obstacles that prevent local products from accessing international markets by implementing exiting agreements between the UAE and other countries or through communications with the industrial authorities and financial organizations all around the world,” Al-Gergawi said. 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.
The city management will support the industries working in it in many fields including provision of fund options, developing the industrial education and training programs and plans for future activities for R&D.
The chairman of DDIA assured that Dubai Industrial City will 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. “We know that bringing back these investments is connected with offering attractive investment opportunities in the region,” he said.