Dubai Investments Park (DIP), a wholly owned subsidiary of Dubai Investments, has announced the launch of phase 8 – the final phase of the 2,400 hectare mixed-used development.
The 500,000-square metre Phase 8, which is being constructed at a cost of Dh300 million, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector.
"The launch of the final phase is a significant achievement for DIP, especially considering that almost all the infrastructure is already in place. It also signifies the steady growth of DIP over the years and reinforces our position as one of the fastest-growing investment destinations and among the best-equipped mixed use developments in the region," said Omar Al Mesmar, General Manager, Dubai Investments Park.
Over the years, DIP has invested a total of Dh2 billion on infrastructure facilities within the park, while the total investments by the approximately 1,135 tenants and 1,050 subtenants in DIP has crossed Dh65bn.
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 2.8 million square feet. Meanwhile, DIP has also revealed that 95 per cent of the 445,000 square metres Phase 7 has been completed and has already been fully leased out.
Since its inception in 1997, Dubai Investments Park has achieved many milestones – 1998 saw the completion of its master plan and commencement of Phase 1 infrastructure development. The construction of Phase 1 was completed in 2000 and was totally leased out in 2002. In 2003, Phase 2 was officially inaugurated. Starting 2004, DIP has witnessed the commencement and completion of infrastructure development of various phases.