Tecom to invest Dh1b in projects

The Dubai Technology, E-commerce and Media Free Zone (Tecom) will invest Dh1 billion, including Dh800 million from the private sector, in several projects this year.

"There is a strong response from the private sector to invest here. Our budget is only Dh200 million," said Ahmed bin Byat, Tecom director general.

The investments will be in new buildings, of which there are now 18.

"The Knowledge Village is considered one building although it consists of ten. It will open in May and cost Dh150 million. The Knowledge Village now has 48 per cent occupancy rate."

Tecom has set a target of doubling its companies and revenues this year, said bin Byat, but he declined to announce the figure.

"This year we have set very aggressive targets on the financials and all areas of operations including the coverage area and the number of tenants. 2003 promises to be the best year we have had to date."

Just over 900 tenants have moved in and the number is expected to reach 1,000 before June, said bin Byat.

Major infrastructure expansion is going on at both DIC and DMC. In a recent move, Tecom allowed private investors to develop their own buildings. "Tecom has been self-financed since the start in 2000 and right from the outset we have been operating towards being a corporation, which is something that will happen eventually," he said.