PROPERTY

Dubai Design District’s $1bn first phase set to launch by 2015

The first phase of the Dubai Design District is set for completion within 18 months. (File photo: Reuters)

TECOM Investments aims to complete phase one of Dubai Design District within 18 months.

The construction of ten buildings worth 4 billion dirhams ($1.08bn) is already underway, the developers of the district said in a press release.

Prior to the launch of the new zone, businesses and individuals looking to be licensed by Dubai Design District can secure licenses to operate in TECOM’s nine other free zones, said the release.

“Dubai Design District will be a dedicated home to the growing and increasingly renowned local designer community,” said Ahmed Bin Byat, chief executive officer at Dubai Holding, of which TECOM is part.

“In the same way that we have supported IT companies in Dubai Internet City and media companies in Dubai Media City, we want to give design and luxury goods companies a platform for growth and an appropriate base for their operations in Dubai,” said Amina Al Rustamani, group chief executive officer at TECOM Investments.

This came after Sheikh Mohammed bin Rashid al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, announced the creation of the district on Saturday.

“One indication of this emergent trend is evidenced by rapid growth in enrolment rates on fashion and design courses at institutions in the UAE. The talents of the UAE’s home-grown designers, from those who have already made their mark on the international stage to the stars of tomorrow, will be the vital spark driving this community,” the Emirates News Agency (WAM), quoted the statement of the Government of the Dubai Media Office, announcing the district.Facilities at the Dubai Design District will include residential, commercial, retail, hospitality real estate, and a creek side promenade, among other attractions.
 

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Last Update: Monday, 10 June 2013 KSA 11:27 - GMT 08:27
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