Dubai Investments Park, one of the largest commercial, industrial and residential communities in the Middle East, on Tuesday announced that Phase 8 – the final phase of the 2,400 hectare development – will be completed by the end of March.
The 430,000 sq m Phase 8, being constructed at a cost of AED325 million ($88.4 million), is expected to be a hub for logistics services. It features a total of 375 warehouses and light industrial units.
The first stage of Phase 8, which was completed in mid-2012, has been fully leased and is approximately 80% occupied.
Dubai Investments Park is a wholly-owned subsidiary of Dubai Investments.
Omar Al Mesmar, DIP general manager, said: “We are nearing the completion of the final phase of the DIP development, which is a significant milestone for us.
“The steady growth of DIP over the years reinforces our identity as one of the fastest growing investment destinations and is among the best-equipped mixed-use developments in the region with unmatched infrastructure.”
DIP said it has invested in excess of AED3.5 billion on infrastructure facilities within the park, which today accommodates over 3,450 tenants and sub-tenants representing a wide array of industrial, distribution, logistics entities and residential units.
Last year, Dubai Investments Park registered an 87 percent increase in commercial space allotments over a total leased area of 1.6 million sq ft in 2012.
The business park attracted a total of 290 new companies over the calendar year.
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