DUBAI Investments Park [DIP], the largest integrated commercial, industrial and residential community in the Middle East and wholly-owned subsidiary of Dubai Investments PJSC, announced Tuesday that Phase 8 – the final phase of the 2,400 hectare mixed-use development – will be fully completed by the end of the first quarter of 2014. Once complete, the 430,000 square-meter Phase 8, being constructed at a cost of AED 325 million across two stages, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector. The Phase 8 entails construction of a total of approximately 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 percent occupied. 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.” Phase 8 will have well-planned road network, electricity and water network, sewerage system and irrigation and district cooling facilities on a total built-up area of 2.4 million square feet. Over the years, DIP has invested in excess of AED3.5 billion on infrastructure facilities within the Park, and today accommodates over 3,450 tenants and sub-tenants representing a wide array of industrial, distribution, logistics entities and residential units. Since it was incorporated in 1997, Dubai Investments Park has achieved many milestones – 1998 saw the completion of its master plan and commencement of Phase 1 infrastructure development. In 1999, DIP signed the first lease agreement. The construction of Phase 1 was completed in 2000 and was totally leased out in 2002. In 2003, Phase 2 was officially inaugurated. Starting 2004, DIP has witnessed the commencement and completion of infrastructure development of various phases. Keeping in line with the growing demand from companies across industry verticals, DIP has been strategically expanding its extensive range of facilities to include schools, showrooms, hotels, offices, mosques, warehouses, factories, industrial facilities and residential staff accommodation. — SG
