Dubai: More than 100 new entities signed leases for space at Dubai Investments Park (DIP), while existing tenants increased theirs by 33 per cent, according to a statement from the developer.
The latter demand raises the rented stock to 9 million square feet from approximately 6.5 million, particularly in warehouse storage spaces.
The number of companies at DIP stands at over 4,600, with industries represented including those in light industrial, chemicals, pharmaceuticals, textiles, plastics, oil and gas and building materials, among others. Last year, DIP also recorded increases in sub-leasing of labour and accommodation rooms from 16,000 to 21,000 rooms. The increased capacity will help take in 84,000 labourers from 68,000 earlier.
DIP will also have a new 114-room 4-star Fortune Park boutique hotel, part of the plans to open eight new hotels and serviced apartments in the next three to four years. These will be built by individual investors.
“DIP’s proximity to Expo 2020 site and Dubai South makes it the preferred destination for both investors and end users,” said Omar Al Mesmar, General Manager. “In the last 17 years, Dubai Investments Park has grown from a unique concept on paper to a successful mixed-use project.
“The total value of investments made by DIP tenants towards their facilities and factories over the years is approximately Dh50 billion.”
The location also houses more than 12,000 homes and 90,000 residents, as well as 20 million square feet of office space.