By Rob Corder
300 businesses commit to the zone that will eventually contribute $10 billion per year to the UAE economy.
Development of Dubai Industrial City is ahead of target with over 300 businesses committed to move into the Tatweer-run free zone.
The industrial zone was first announced in 2004 as a Dubai Holding development and aims to become a regional hub for manufacturing, chemical, heavy plant and food and beverage production businesses.
It already hosts a residential complex that is described as the UAE's first luxury labour camp, capable of housing up to 12,500 workers. Evenutally, the camp will expand to provide up to 87,500 beds.
Rashed Al Ansari, Chief Executive Officer of Dubai Industrial City, says that demand is currently outstripping the available industrial land at the city.
"We are witnessing great demand on our facilities and during the past three months we have leased 38 million square feet of industrial land bringing the total size of land leased during the first and second phases to 121 million square feet out of an available total of 180 million square feet that are on offer for the first two phases," he explained.
By 2015, Al Ansari hopes that the businesses operating from Industrial City will dramatically boost Dubai's economy. The target, by that date, is for the zone's output to contribute over $10 billion per year to the country's gross domestic product (GDP). Total GDP for the UAE in 2006 was $163 billion, $48 billion of which was generated in Dubai.
To reach that level of output, investors are expected to pour up to $15 billion into ventures within the Industrial Zone by 2015, according to Al Ansari.