Wednesday, May 22, 2019 7:03 AM

Home / DIP grows with 100 new companies, 33% surge in warehouses’ lease area

DIP grows with 100 new companies, 33% surge in warehouses’ lease area

Dubai Investments Park [DIP], the largest integrated commercial, industrial and residential community in the Middle East and a wholly-owned subsidiary of Dubai Investments PJSC, is fast emerging as the preferred destination for businesses and residents alike, in view of its proximity to Dubai World Central, Dubai South and the Expo 2020 site.

An indication to this is the increase in the number of tenants and sub-tenants in DIP, with over 100 new companies either leasing or sub-leasing premises in the 2,300-hectare business park. Similarly, the total area leased by the existing companies during 2016 has also increased by 33 per cent – from approximately 6.5 million square feet to 9 million square feet, particularly in warehouse storage spaces.

The total number of companies within DIP is over 4,600, covering the entire spectrum of industries – from medium to light industrial units in aluminium, steel manufacturing, chemicals, pharmaceuticals, textiles, plastics, oil & gas, construction, building materials and contracting sectors. During the year, DIP also witnessed a surge in subleasing of labour and accommodation rooms from 16,000 to 21,000 rooms. The increased capacity will help accommodate 84,000 labourers compared to 68,000 labourers earlier.

Reflecting its growing pre-eminence and surging demand, DIP has also announced the opening of a new 114-room 4-star Fortune Park boutique hotel to cater to the business and leisure travelers. The new hotel is part of the plans to open eight new hotels and serviced apartments in the next three to four years in DIP. To be built by individual investors, the hotels and apartments will be of various star categories.

The new hotels will perfectly complement the growth of DIP as a city-within-a-city. It will also provide a major boost to the hospitality sector as Dubai expects to attract as many as 25 million visitors during Expo 2020, including 17.5 million overseas tourists. The Emirate will require an additional 45,000 hotel rooms to match the rising demand by 2020 and an investment of nearly $7.1 billion is expected in hotel projects.