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Dubai Design District by 2015
Capturing industry’s growth potential will play a key role in realising the city’s future ambitions.
June 9, 2013 12:14 by kippreport
Following the announcement made yesterday (Saturday) by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, TECOM Investments, the developers of Dubai Design District, has today said that it aims to complete phase one of this dedicated industry community by January 2015, with construction of ten buildings already underway.
TECOM is investing AED 4 billion in the first phase of Dubai Design District, which marks the start of what will become a world class creative community for the Middle East that promotes and nurtures local and regional designers. In addition, it will be home to some of the world’s leading brands and talent, as well as showcasing Dubai as an international design, fashion and luxury destination that can compete with the more established global centres.
TECOM Investments has also announced that during phase one’s construction period, businesses and individuals looking to be licensed within Dubai Design District can secure licenses to operate in any of TECOM’s nine other purpose built free zone business parks. Under TECOM’s existing offering, the legal and commercial framework for licensing specific design-related activities is already available.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today announced the launch of “Dubai Design District”.
Adjacent to the Business Bay area, the district is expected to become a full service commercial hub for design industry related organizations, brands, and supporting enterprises within the value chain. It will feature a custom built creative community that will encompass purpose-built commercial and retail facilities for established and emerging designers, design institutes, a waterfront promenade, convention centre and event venues, and related academic institutions.
Tecom Investments, a member of Dubai Holding, will operate the district.
Dubai Design District is another attempt to strengthen Dubai’s tourism, which is expected to see 20 million visitors by 2020, and retail, which is estimated to grow to AED151billion in the next two years. It also hopes to provide an additional key element in Dubai’s bid to host Expo 2020.
The United Arab Emirates holds the second position in the 2011 Apparel Index, while the Middle East luxury market saw growth of 10 to 15 percent from 2011 to 2012, establishing the region as the tenth largest luxury goods market globally.