By Andy Sambidge
Dubai Investments Park registers 87% rise in commercial space allotments during year
Dubai Investments Park (DIP) registered an 87 percent increase in commercial space allotments over a total leased area of 1.6 million sq ft in 2012, it has been announced.
The business park, owned by Dubai Investments, attracted a total of 290 new companies over the calendar year, bringing the total tally of tenants to 2,715.
A statement said office and storage spaces attracted high demand during the year with a total of 220 warehouses, spanning over 1.4 million sq ft rented out.
An aggregate of 54 office spaces comprising 87,000 sq ft and 16 showrooms at 100,000 sq ft were also let out, the statement added.
Earlier in 2012, a decree from the office of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum granted foreign investors leasehold rights for up to 85 years in DIP.
Omar Mesmar, general manager, Dubai Investments Park, said: "Investor confidence has returned to Dubai in a major way, which is underlined by the progressive changes taking place in the public and private sectors.
"With businesses looking to take calculated risks, based on the lessons learned from 2008, their focus is on using the best available resources in the most optimal manner."
He added: "DIP is rapidly reaching full occupancy. Our efforts are focused on consistent enhancement of the facilities in place, and ensuring occupants gain access to world-class services. Towards this end, we hope to deliver several more milestones in 2013."