Dubai Investments Park (DIP), a wholly owned subsidiary of Dubai Investments, has announced the launch of the eighth and the final phase of the 2,400 hectare mixed used development.

The 500,000 sq m phase 8, which is being constructed at a cost of Dh300 million ($81.6 million), is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector.

'The launch of the final phase is a significant achievement for DIP, especially considering that almost all the infrastructure is already in place,' said Omar Al Mesmar, DIP general manager.

'It also signifies the steady growth of DIP over the years and reinforces our position as one of the fastest growing investment destinations and among the best-equipped mixed use developments in the region,' he added.

Over the years, DIP has invested a total of Dh2 billion on infrastructure facilities within the Park, while the total investments by the approximately 1135 tenants and 1050 subtenants in DIP has crossed Dh65 billion.

'The phase 8 will be a significant addition to the investment landscape of Dubai, especially since this phase focuses on logistics services, a sector that has witnessed unprecedented growth in the last decade,' Al Mesmar observed.

Phase 8 will have well-planned road network, electricity and water network, sewerage system and irrigation & district cooling facilities on a total built-up area of  2.8 million square feet. Meanwhile, DIP has also revealed that 95 per cent of the 445,000 sq m Phase 7 has been completed and has already been fully leased out.  

Since its inception in 1997, DIP has achieved many milestones – 1998 saw the completion of its master plan and commencement of Phase 1 infrastructure development.

In 1999, DIP signed the first lease agreement. The construction of Phase 1 was completed in 2000 and was totally leased out in 2002. In 2003, Phase 2 was officially inaugurated. Starting 2004, DIP has witnessed the commencement and completion of infrastructure development of various phases.

Keeping in line with the growing demand from companies across industry verticals, Dubai Investments Park has been strategically expanding its extensive range of facilities to include schools, showrooms, hotels, offices, mosques, warehouses, factories, industrial facilities and residential staff accommodation.

With three specially developed Industrial, Commercial and Residential zones, DIP offers investors the right environment for success, while providing the workforce with a wholesome living and families with a comfortable community lifestyle.-TradeArabia News Service