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02-11-14

UAE's Tecom to invest USD1.2b in Dubai's Media City

(MENAFN) Tecom Investments, the Dubai-based free zone operator, revealed the details regarding its planned USD1.22 billion investment in both Dubai Media City and Dubai Internet City which was announced recently, Gulf Business reported.

The company, which operates clusters such as Dubai Media City, Dubai Internet City and Knowledge Village, said that the investment will be used to create innovation complexes, creative spaces, technology laboratories and smart buildings.

The company said that it hopes that these initiatives will increase the workforce in its business communities from 70.000 to 100.000, grow its business partner base from 4.500 to 10.000, as well as provide an additional 10 million square feet of commercial office space.

The new initiatives include a new Innovation Hub in Dubai Internet City, which will focus on sectors such as technology, new media, smart education and sciences, with the first phase of the 1.6 million square feet business development expected to be done by the first quarter of 2017.

The development of a Creative Community in the upcoming Dubai Design District (d3) is another project, which will be spread across one million sq. ft. within Dubai Design District and will act an important place for emerging local designers and artists and house art galleries and studios looking to engage directly with the region, with the first phase of this project expected to be done in 2016.

"We want d3€²s Creative Community to truly inspire creative flair amongst emerging designers and artists, and to encourage innovation within people more generally. We also want to establish a community that helps expose the region's design industry and creative talent to the world, by enticing visitors and tourists to the site," Group CEO of Tecom Investments said.

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