The Park project has made tremendous progress since it was inaugurated in March, and has become a magnet for local, regional and foreign investors.

Announcing plan for Phase 3 of the Park, Dubai Investments Park Development Company (DIPDC) chaiman Khalid Al Kamda said: Dubai Investments Park is a major economic project in the region, which offers investors a central location to launch projects in a number of sectors including industrial, commercial, residential and recreational.

Khalid Al Kamda added: ‘Dubai Investments Park is based in a strategic location, Offering investors numerous opportunities and benefits in an area, which is fast becoming the new Dubai. This location has become even more significant following the announcement of the Dubai land project. Kamda said that more than 100 local and foreign companies are currently based at the Park with another 124 industrial units ready for lease.

He said that there has been a great response from investors to Phase 3 with the application received so far covering 60 percent of the land allocated for this stage of the project.

The Park, the only one to be launched by the private sector in the Middle East, is a mixed use industrial, business, residential and recreational development offering investors pre-serviced sites, world-class infrastructure site-of the-art facilities and quality services for manufacturing, housing, academic, research, distribution, and logistics purposes.

A major attraction for investors is the long-term leases, renewable up to 99 years that are available for industrial, commercial and residential projects.