DIP passes 5 million sq ft leasing milestone

DIP passes 5 million sq ft leasing milestone

Arabian Business, 21 January, 2019

Dubai Investments Park, the wholly owned subsidiary of Dubai Investments, has announced that total built-up warehouse, office and commercial unit space sub-leased at Dubai Investments Park passed the 5 million sq ft mark in 2018.

It said major names from a variety of industries chose DIP as their new home last year including Kingspan Insulation, the sustainable building solutions provider behind major Middle East projects such as the Louvre Abu Dhabi and Atlantis The Palm.

The company invested in a 538,000 sq ft plot opposite their current operations in DIP 2 in 2018 to create a larger manufacturing facility to serve the Middle East construction market.

Omar Al Mesmar, general manager of DIP, said: “Over the past 19 years, DIP has played a pivotal role in attracting companies and industries from across the region and the globe, helping Dubai become the preferred destination for both investors and end-users. The volume of leases in 2018 was highly encouraging and evidence of DIP’s consolidated growth plans.”

DIP also expanded its residential offering in 2018, with Lootah Real Estate Development holding a groundbreaking ceremony for The Edge, a residential offering of 103 units on the Ewan Residences development.

DIP has more than 12,000 residential units and 90,000 residents as well as six schools and five operational hotels.

It boasts over 20 million sq ft of office space, 18 showrooms and a large space for staff accommodation.