By Claire Ferris-Lay
GITEX: 140 more firms to join freezone by end of 2008 despite global financial crisis - exec.
Dubai Internet City (DIC) plans to boost the number of companies operating out of the technology freezone by up to 11 percent by the end of the year, despite the global financial crisis that forced many firms to cut expansion plans.
Speaking on the sidelines of the Gitex technology exhibition, DIC executive director Malek Sultan Al-Malek said around 140 companies will establish offices by the end of the year, adding to the 1,200 currently operating out of the freezone.
Al-Malek also said 30 percent of firms currently operating out of DIC are looking to expand their presence in the freezone.
He said the global financial crisis has not affected DIC, stating that the freezone has actually seen an increase in demand for space in recent months.
To cope with this surge in demand, DIC is looking to increase the freezone's size by 30 percent, he said.
Al-Malek said DIC will start the contracting process for the expansion of its existing site next month.
"We have completed the concept design and we are in the process of finalising the contracting part," he told Arabian Business, without elaborating.