Dubai Investments Park (DIP), the wholly-owned subsidiary of Dubai Investments, has won the latest edition of the biennial Middle East Special Economic Zones of the Future 2006/07 Award in the Best General/Industrial Special Economic Zone category.
The Award, organised by Foreign Direct Investment (fDi) magazine and Financial Times Business, was presented to DIP at a ceremony that was recently held at the Dubai International Exhibition Centre during the recently-concluded Cityscape Dubai 2006 exhibition.
Omar Al Mesmar, General Manager, Dubai Investments Park said: “Dubai Investments Park is delighted and honoured to receive the Middle East Special Economic Zones of the Future 2006/07 Award. Dubai Investments Park has led the way in bringing the unique concept of a mixed-use economic zone with industrial, commercial and residential areas to the Middle East and has demonstrated how this can be established and managed successfully.”
“Being chosen as the Best General/Industrial Special Economic Zone in the Middle East, also highlights our commitment and constant efforts that have made Dubai Investments Park, in a short period of eight years, the region’s high profile, technologically advanced development with state-of-the-art services and attractive financial incentives to investors in various sectors,” he added.
Dubai Investments Park tallied a huge number of points in this year’s awards, placing it at seventh position in the latest list of the Top 50 Middle East Economic Zones. The list covered all five categories of special economic zones--Airport, General/Industrial, Port, Science/Hi-Tech and Specialist--in the region. Dubai Investments Park was also ranked at ninth position in the overall rating out of 90 special economic zones in the Middle East that sent in their applications for the award.
The applications, containing detailed information on each Special Economic Zone, were collected over the past five months by the Financial Times Business’ research team, making the award and the rankings one of the most authoritative research projects and free zone comparisons in the Middle East to date. A panel of judges consisted of fDi Magazine’s editorial team and independent guest judges, Graham Mather, Chairman of the World Free Zone Convention and Juan Torrents, President of the World Federation of Free Zones (FEMOZA).
These criteria included expansion plans, recent infrastructure development; presence of high growth industries; number of businesses; growth in the number of businesses operating in each zone over the past 12 months; strength of leading investors; size of the zone and area allocated for expansion; financial and other incentives; amenities such as restaurants and retail outlets, housing, childcare, leisure and health facilities; and rental costs.
Dubai Investments Park is a modern, eco-sensitive mixed-use development spread across an area of 32 million square metres hosting industrial, commercial and residential facilities with an investment of AED 5 billion.