By Laura Barnes
UK-based Time Group is to set up a factory in Dubai's Silicon Oasis, in order to meet increasing customer demand.
UK-based Time Group has signed an agreement with Dubai Silicon Oasis (DSO) to build and manage a factory to assemble PCs, LCD monitors and plasma TVs in the Middle East.
The agreement, which was signed by HH Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis and Tahir Mohsan, CEO of Time Group Middle East, paves the way for construction of the 260,000 ft² multi-purpose hi-tech facility to begin in January next year. Phase one is expected to be completed before the end of 2006.
“Dubai has created DSO to attract the world’s most renowned firms in the hi-tech industry to enable the region’s transition into a thriving knowledge economy and this is the first time such a large scale manufacturing plant is being set up in the region,” said Sheikh Ahmed.
With the total investment in the facility expected to exceed over US $40.8 million, the factory is expecting an output of more than a million units at full capacity. The Dubai plant is Time Group’s third manufacturing facility after UK and China and with the addition of the new Dubai factory, Time Group’s available capacity will exceed three million units per year.
“The primary reason for selecting Dubai and DSO in particular, lies in the proximity to growth markets, excellent infrastructure and logistics, enabling us to meet increasing customer demands,” added Mohsan.