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Dubai Airport Free Zone to double capacity

Thursday, 21 May 2009 12:09 PM

DOUBLE SIZE: Dubai Airport Free Zone is to double in size as part of a $353m expansion plan. (Getty Images)

DOUBLE SIZE: Dubai Airport Free Zone is to double in size as part of a $353m expansion plan. (Getty Images)

Dubai Airport Free Zone (DAFZ) chiefs are planning to double the site’s capacity by spending AED1.3bn ($353m) on a hotel and six new buildings, it was reported on Thursday.

The leasable area and built-up area for the project will be 100,000 square metres and 320,000 square metres, according to Gulf News.

Mohammad Ahmad Al Zarouni, director-general of the business free zone, said expansion was being carried out to satisfy expected high demand from companies keen to relocate to the free zone.

During this year’s opening quarter, the free zone’s revenues and net profits climbed 48 percent and 49 percent respectively compared to the same period in 2008. It generated AED175m ($47.6m) net profit last year.

"The growth is an indicator that we are doing good and foreign direct investment is not bad," Al Zarouni was quoted as saying.

Some 1,500 companies are already based at the zone, with space for a further thousand once the expansion is complete. Work is expected to start before year end.

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