By Sarah Townsend
Free zones in Tecom are already home to 4,650 companies and a 74,000-strong workforce
Tecom Investments plans to invest AED4.5 billion ($1.2 billion) in setting up an “innovation hub” for Dubai’s creative industries.
The company on Saturday reported record growth across its business communities in Dubai – among them Dubai Media City and Dubai Internet City – with 800 new business partners moving into their free zones over the course of 2014.
Tecom said it was planning to use the funds to build Innovation Hub in Dubai Internet City, which is
intended to provide 150,000 square metres of office space, and the planned
Dubai Design District community, which will consist of an estimated 15,000 designers, artists and other creative workers.
In a statement outlining its 2014 highlights, Tecom said the 800 new business partners enabled 380 expansions across its 11 communities, bringing the total number of companies operating to more than 4,650.
The company said it supports a 74,000-strong workforce across its six industry sectors of ICT, media, education, science, industry, and design, fashion, art and luxury.
It also reported a 95 percent retention rate across Dubai Internet City, Dubai Media City and Dubai Knowledge Village, and more than 30 percent of its business partners have been located within Tecom communities for a decade or more.
Group chief executive Dr Amina Al Rustamani said: “Our pioneering communities continue to attract new business partners and facilitate expansions.
“Over the course of the year, we introduced several enhancements to our services to help our partners run their businesses more efficiently.
“We also implemented a series of exciting new developments and initiatives that will support future growth and help to drive Dubai’s transition into an innovation-led economy.
“Over the next ten years, we will increase the workforce located in our communities from 74,000 to 100,000, grow our business partner base to 10,000 companies, and provide an additional 10 million sq ft of office space across Dubai’s prime business locations.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.