The Department of Economic Development in Dubai and TECOM Investments have signed a memorandum of understanding to establish a framework that provides economic support for key services in the planned Dubai Design District (d3).
The agreement will facilitate a number of initiatives that support the respective commercial and strategic objectives of DED and d3 to drive the economic growth and prosperity of Dubai, a statement said.
The agreement, signed between Sami Al Qamzi, director general of DED, and Dr Amina Al Rustamani, Group CEO of TECOM Investments responsible for the development of d3, says the two entities will form joint teams and strategies to attract retailers, designers and entrepreneurs and promote their growth within d3.
Al Qamzi said: "We are proud to have joined forces with d3 as it directly complements our dedication to providing UAE citizens and residents with the best possible services.
"This agreement allows us to demonstrate our capabilities in supporting vital Dubai projects such as d3 in doing business and achieving their objectives, whilst strengthening the economic status of Dubai. We look forward to collaborating with TECOM Investments on the development of d3."
Al Rustamani added: "Through working with DED, we will be able to create a positive environment that will enable d3 to grow into the most interactive, inspirational and smart urban space in the world.
"Due to its strategic location in the heart of Dubai, and the world-class design and infrastructure as engineered by some of the world's experts in their field, we aim to create a truly creative space that allows the design industry of the UAE to flourish."
Under the terms of the agreement, DED and d3 will share expertise on attracting foreign investment, supporting emerging designers, assisting the growth of SMEs, facilitating export development, and strengthening the overall retail sector to ensure a sustainable market for the designer's products.
Together, DED and d3 will also collaborate on integrating the Smart City concept into the District. The two entities will also devise strategies to attract innovative entrepreneurs and small and medium enterprises (SMEs) in the fields of arts, design, fashion and retail into d3. Business incubators and financing will be launched to foster entrepreneurs and their start-ups.
The agreement will also see a percentage of d3 purchases going to members of Dubai SME, the DED agency mandated to develop the SME sector.
Dubai Design District recently unveiled its master plan next week which will include a 1.8km waterfront centrepiece of hotels, boutique retail outlets and dining and entertainment venues.
Spanning a total area of 21 million square feet, d3's first phase of office and retail space is set to be released in the first quarter of 2015, at which point land plots will also become available.
The project will feature a range of luxury, 4-star and boutique hotels, and furnished apartments, offering over 4,000 rooms plus low-rise residential apartments.
The master plan also includes over 2.5 million square feet of retail space.
The d3 project will also house a "vibrant business zone featuring office space for the design, fashion and luxury sectors with capacity for over 10,000 workers" and will include a dedicated creative community to house 4,000 designers, craftspeople and creative innovators.
It will also provide a new home for Dubai's art scene, with high-end galleries, pop-up showcase and open-air installation spaces, workshops and studios.For all the latest retail 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.
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