Dubai Investments Park [DIP], a wholly-owned subsidiary of Dubai Investments PJSC, today announced that Phase 8, the final phase of the 2,400 hectare mixed-use development, will be fully completed by the end of the first quarter of 2014.
Once completed, the 430,000 square-meter Phase 8, being constructed at a cost of AED 325 million in two stages, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector. Phase 8 entails construction of a total of approximately 375 warehouses and light industrial units.
The first stage, which was completed in mid-2012, has been fully leased and is approximately 80 percent occupied.
Omar Al Mesmar, DIP General Manager, said, "We are nearing the completion of the final phase of the DIP development, which is a significant milestone for us. The steady growth of DIP over the years reinforces our identity as one of the fastest growing investment destinations and is among the best-equipped mixed-use developments in the region with unmatched infrastructure." Phase 8 will have well-planned road network, electricity and water network, sewerage system and irrigation and district cooling facilities on a total built-up area of 2.4 million square feet. Over the years, DIP has invested in excess of AED 3.5 billion on infrastructure facilities within the Park, and today accommodates over 3,450 tenants and sub-tenants representing a wide array of industrial, distribution, logistics entities and residential units.