The Dubai Internet City project - completed in just 364 days – was yesterday declared open by General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister.
While declaring that "in the race for excellence there is no finish line," Sheikh Mohammed reiterated that development is an ongoing process. He said all the infrastructure is ready and several global majors are set to move in.
"On October 29, 1999, I announced the creation of Dubai Internet City. My vision was clear – transform the local economy and make Dubai the New Economy hub," he stated.
"My commitment was fourfold: provide world-class infrastructure; create the ideal environment for e-business in Dubai, irrespective of size or origin of business; create a culture and attitude that is business-friendly; and make sure businesses get competitive advantage by operating from Dubai."
He pointed out that over 190 companies have registered with DIC, with the next two months set to see over 3,000 qualified professionals functioning from the complex.
"So, has my vision been realised?" he asked, while pointing out the strides made in the past year. "But as I keep telling my team, in the race for excellence there is no finish line."
Sheikh Mohammed observed that in the New Economy, one needs to work harder – and smarter – with most developed countries and cities trying to attract ideas and capital.
"Entrepreneurs and companies will move to where they get the best combination of infrastructure, environment, attitude, talent, legal framework, market and exit options," he stressed. "(And) this amalgamation will lead Dubai to become a world-class hub for the New Economy."
He noted that over 40 years ago, the dredging of the Creek by his late father, Sheikh Rashid bin Saeed Al Maktoum, was the first important step taken to convert Dubai as a regional business hub.
"Today, Dubai Internet City is the first important step undertaken in creating an e-creek in Dubai, a place around which e-business can flourish," he declared.
Earlier, after inaugurating Gitex 2000 in the morning, Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and the UAE Minister of Finance and Industry, stated: "Government departments in Dubai are adopting the e-government initiative... the UAE is not aloof from the global digital economy."
Sheikh Hamdan was accompanied by Sheikh Mohammed.
Touching upon a range of domestic financial issues, Sheikh Hamdan confirmed that the UAE telecommunications sector will remain closed to foreign companies, but pointed out: "Dubai Internet City's strengths in Internet and telecommunications media provide a gateway for other national firms who want to enter the sector."
Foreign industrial investments, he added, are given the green light only after due feasibility studies are conducted to determine the likely value added to the local economy.
He also denied that the UAE is going through a recession, observing: "A number of empty flats in some buildings does not mean there is recession."
He also said the decision of mergers among local banks lie solely with their boards of directors.