DIC and DMC welcome private investors

27 buildings set to be constructed under new property management leasing agreements (PMLAs) over the next five years.

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By  David Ingham Published  September 26, 2005

Dubai Internet City (DIC) and Dubai Media City (DMC) are poised for a renewed phase of robust and rapid growth. Private investors are set to pour money into the two developments under new property management leasing agreements (PMLAs), it was revealed this week. PMLAs allow private investors to develop buildings on free zone land while DIC and DMC run and manage the properties. The move is in line with the two organisations’ long-term strategy of focusing on the provision of core business services. “The new, exciting infrastructure expansion will create the capacity for the free zone’s growth into a richer and even more vibrant knowledge industry hub,” says Jamal Abdul Salam, executive director of Dubai Internet City. “The PMLA model gives us the ability to focus on our core strengths in providing support and business development services, while investors focus on the infrastructure. This is the best model for our expansion strategy and creates tremendous synergies between the free zone’s and the investors’ strengths.” The first building developed under the PMLA strategy, the Al Thuraya 1 Tower, has just opened at full occupancy. It is reported to be the first of an estimated 27 buildings that will be constructed under PMLAs over the next five years. “We have partnered with investors that understand the business of the free zone and have a long-term track record in the market,” says Dr. Amina Al Rustamani, executive director of media, Dubai Technology and Media Free Zone, the parent company of DIC and DMC. “Once they develop new properties, we will take on all the management and maintenance responsibilities to ensure a productive and profitable experience for the companies accommodated by the new infrastructure.” Dubai Technology and Media Free Zone is responsible for the maintenance and management of the new facilities as well as the provision and promotion of value-added property services.

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