DIP launches final phase of development

Mesmar: DIP is just waiting for approvals before it can start work.

Construction of the final stage of Dubai Investment Park (DIP) will begin in two months at a cost of US $81.67 million (AED300 million).

Speaking to the media at a site tour, the developer, Dubai Investments Group, announced the launch of phase eight, which will be a hub for logistics services and will spread across 500,000m2.

“Earth works have already been completed and we are just waiting to get approval from Dubai Municipality, DEWA and the RTA before we can begin construction,” said DIP general manager Omar Mesmar.

“It will be constructed in two phases and each phase will take 18 months to complete. The number of units will be build depends on the demand we get from local companies.”

Construction of the mixed-use development began in 1998 and includes a residential zone, with several major developments including Crown City and Dubai Lagoon, which will cater to 87,000 residents once complete.

The development will also include an industrial zone to support the manufacturing sector and a commercial zone consisting of office space, clinics and laboratories.

The entire project sits on 24 million m2 of land.

Advertisement

FEATURED COMMENT Please click here to comment on this article