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Wednesday, February 15, 2006 - Dubai

Dubai Logistics City Begins Commercial and Residential Real Estate Development Push

DPG members get brief on real estate potential at JAAC and DLC; Proffitt outlines current and future developments

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162 press release picture dpg logo

Dubai Property Group (DPG), the association of real estate professionals, today hosted the Dubai Logistics City (DLC) at its monthly ‘Breakfast Networking Event’ where DLC officials discussed the current and future plans of the 140 square kilometer development Jebel Ali Airport City that houses the Dubai Logistics City, the Jebel Ali International Airport as well as other commercial and residential development.

Speaking to over 90 DPG members, Michael Proffitt, CEO of DLC presented the project’s medium to long terms business plans, the rational behind setting up such a massive venture, and the current status of the development. He also walked the delegates through the main projects within the City, emphasizing on real estate components in terms of investment opportunities for the designated residential and commercial areas.

“The entire project will house 750,000 people when completed in all its phases. This immense population presents an opportunity for real estate developers and investors to create residential and commercial projects within the designated areas in the City with prospects for freehold and long term leasing contracts,” said Proffitt. “By presenting to Dubai’s leading property developers and investors, our intention is to create awareness and heighten the momentum at an early stage, and create a direct dialogue to benefit the Emirate of Dubai in its growth strategy.”

Commercial City, will be an iconic addition to Dubai’s growing portfolio of signature developments, with a skyline of up to 850 towers ranging from 50 to 300 meters in height. Residential City will feature a variety of accommodation types, ranging from luxury estates and spacious apartments to affordable developments and airport staff housing.

The adjoining Golf Resort, featuring the Middle East’s biggest golf course, will also have high rise residential towers and fairway view villa clusters. The hi-tech and industrial sectors will be served by the Science and Technology Park.

The 3 million square foot Exhibition City complex will be completed in three phases by 2020 and will be the world’s largest exhibition venue with 19 exhibition halls and a first phase parking space for 20,000 cars. The facility will eventually house hotels, restaurants and residential apartments.

“Dubai Logistics City is yet another visionary project aimed at diversifying Dubai’s economy with an outlook that exceeds 50 years into the future,” said Adel Lootah, Executive Director of Dubai Property Group. “We will continue to work closely with our members and DLC to ensure the sustainable success of this project.”

Spread over 25 square kilometers, DLC will begin operating at the end of 2007. It will be adjacent to the new Jebel Ali International Airport (JXB) and is designed to eventually handle more than 12 million tons of air cargo annually in up to 16 air cargo terminals.

With six parallel runways and as many concourses capable of handling more than 120 million passengers and more than 12 million tonnes of cargo per year, JXB, which is 40 kilometers from Dubai International Airport (DIA), is a long-term visionary project, designed to serve the emirate’s passenger and cargo air transportation needs until 2050 and beyond.

The wider Jebel Ali Airport City, which will be the size of London’s Heathrow and Chicago’s O’Hare airports combined, will operate as an independent free zone and will accommodate up to 750,000 residents and workers.

Independent of favor or influence, DPG represents the combined interests of Dubai’s real estate community. The Group’s members include some of the highest profile real estate players in Dubai, such as the Dubai Development Board, Cluttons chartered surveyors and property consultants, Arenco Real Estate, Union Properties PJSC, Better Homes LLC and facilities management firm Asteco Property Management LLC.

E-MAIL US: info@tcf-me.com

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