Ahmad Bin Byat, CEO, Dubai Holding
Tecom to invest $1bn in Dubai Design District
Dubai, June 9, 2013
Dubai-based Tecom Investments, the developers of the Dubai Design District, will invest Dh4 billion ($1.09 billion) in the first phase of the project.
Tecom aims to complete phase one of the district by January 2015, with the construction of 10 buildings already under way, said a statement.
Tecom also stated that during construction period of phase one, businesses and individuals looking to be licensed within the new district can secure licenses to operate in any of its nine other purpose built free zone business parks.
Under Tecom’s existing offering, the legal and commercial framework for licensing specific design-related activities is already available, it said.
“The UAE’s resilient and growing retail and tourism sectors, its strong infrastructure and logistic network, and the potential of the Menasa region, have already attracted several of the world’s top design and luxury brands to set up their regional headquarters in Dubai,” said Ahmad Bin Byat, CEO, Dubai Holding.
“Dubai Design District will be a dedicated home to the growing and increasingly popular local designer community who are emerging onto the global stage. We are confident that the district will play an integral role in diversifying Dubai’s economy once developed,” he added.
Dr Amina Al Rustamani, group CEO at Tecom, said: “The announcement of Dubai Design District is a natural expansion for the creative industries we have already established. Extensive market research into the design, fashion and luxury industries, coupled with our track record in creating, operating and growing successful, industry-focused business parks in Dubai has led us to create this new district.”
“Luxury brands like Hermes, apparel brands Nike and Puma, educational institutions focused on the industry like ESMOD, and related media such as Harper’s Bazaar are already doing business in some of Tecom’s nine free zones and we want to see others join them,” she added.
The district will offer residential, commercial, retail and hospitality real estate, characterised by distinct public spaces, street furniture and shaded walkways. The development will also include a creek side promenade with international and boutique hotels, a pop up shop area, amphitheatre and convention centre. - TradeArabia News Service