Monday 10th March 2014
DEMAND FOR D3 LICENCES OUTSTRIPS EXPECTATIONS
The master developers of
Dubai Design District (d3), TECOM Investments, today confirmed a high
level of interest in the project from prospective business partners,
demonstrating the design community’s strong support
for the concept.
Since its launch by His
Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President,
Prime Minister and Ruler of Dubai, in June last year, d3 has received
over 500 expressions of interest, outstripping
expectations. As a result of its popularity, dozens of licenses to
operate under the d3 free zone are already either in process or
approved.
Construction work is
well underway on the first phase of d3, the AED 4 billion development of
the ‘core’ of the 15.5 million sq. ft. site, including state of the art
offices and workshop spaces, which are expected
to be ready for tenants in early 2015.
The second phase of the
development will focus on d3’s stunning waterfront area. This will
feature substantial F&B, retail and entertainment elements to ensure
it operates 24/7. By providing visitors with round-the-clock
activities and facilities, d3 will help achieve Dubai’s Tourism Vision
2020 goals of attracting 20 million visitors and AED 300 billion in
tourism revenues per year by 2020. Once complete, d3 will be a world
class creative community that promotes and nurtures
emerging regional design talent, as well as providing a home to the
world’s leading brands.
To
ensure the development provides the right facilities and infrastructure
to both established international brands and emerging regional
designers, d3 ‘crowd-sourced’ much of the design for
the project. Management called on the people that know the industry
best – the experts – to provide their insight into its physical
development from the outset. This process allowed the design community
the opportunity to take ownership of their potential
new home and ensure that every aspect of the site is relevant to their
needs.
The d3 site, located
just minutes from Dubai Mall, will boast a 1km waterfront twice the
length of Jumeirah Beach Residences (JBR). This will feature
international and niche hotels, a pop up shop area, and a convention
centre. The property options on offer will include residential,
commercial, retail and hospitality real estate, and the area will be
characterised by distinct public spaces, unique street furniture, and
shaded walkways.
While construction at d3
progresses as planned, businesses and individuals can already apply for
and secure their licence. They will be able to operate from one of
TECOM’s other free zone locations until their
particular space is ready for move-in.
Dr Amina Al Rustamani, Group CEO at TECOM Investments, commented:
“I am delighted that d3 has attracted so much interest from the
design community. We undertook extensive research and planning to ensure
we create an environment that provides global brands better access to
regional talent and the growing GCC markets, as
well as being a platform to promote emerging Arab talent
internationally. This strategy, coupled with TECOM’s track record in
creating, operating and growing successful, industry-focused free zones
in Dubai puts d3 in a strong position going forward.
“TECOM’s pioneering and industry-focused business parks have helped play a key part in the development of Dubai’s knowledge economy and in increasing employment levels across the UAE.
“Luxury brands like
Hermes, apparel brands such as Nike, and educational institutions
focused on the industry like ESMOD, are already doing business in
TECOM’s other free zones, and the significant level of interest
d3 has garnered shows others from the industry are keen to join them.”