Business | General
Dubai to have Dh500m German business centre
Dubai Silicon Oasis (DSO), Dubai's own version of Silicon Valley, is to establish the region's first German Centre for Industry and Trade (GCIT), worth Dh500 million, a statement said.
- Staff Report
- Published: 00:00 May 2, 2007
Dubai: Dubai Silicon Oasis (DSO), Dubai's own version of Silicon Valley, is to establish the region's first German Centre for Industry and Trade (GCIT), worth Dh500 million, a statement said.
The centre will be located in the German Business Park, a joint venture between Dubai Silicon Oasis Authority and Bin Jabr Group of Abu Dhabi. The initiative, which aims at supporting foreign investment in the UAE, is located in the DSO premises and is part of an 880,000 square foot business park.
Dr Mohammad Al Zarouni, vice-chairman and chief executive of the Dubai Silicon Oasis Authority, said: "The UAE and Germany enjoy strong economic links that have been fostered over a long period of time.
Many renowned German companies have based their regional headquarters in the UAE, with a strong preference for Dubai due to its world-class infrastructure, supportive business environment, and sustainable economic growth.
"With the opening of the first German Centre for Industry and Trade in Dubai Silicon Oasis, we aim to cement further our relationship with our German partners and provide a high-tech platform of information for German companies to invest in DSO."
The centre is a key component of the German Business Park, a mixed-use development offering an even wider range of facilities and services to its selective clientele.
The park will also house a luxury hotel and fully furnished apartment buildings.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
