Dubai Industrial City nearly doubled its number of tenants over past year



Dubai Industrial City signed up 212 new tenants last year, almost doubling the number of firms located on the park.

The industrial estate said it had increased the number of tenants to a total of 471 last year, leasing more than 5 million square feet of factory and warehouse space on the 55 square kilometre park, which stretches from Jebel Ali to the Abu Dhabi border.

New industrial tenants signing up over the year included Al Barakah Dates Factory and Interpro Wood Industries. Warehouse tenants included Juma Al Majid, Home Centre, Al Gurg Unilever and Al Futtaim Logistics, which have occupied a combined area of more than 940,000 sq ft.

Dubai Industrial City, which is one of 10 connected business parks formed by Tecom, a subsidiary of the state-controlled Dubai Holding, declined to say how much rent it was receiving in total from the park.

The industrial estate has so far spent a total of Dh6 billion (US$1.63bn), with Dh2bn of that coming from investors.

Quoting rents for warehouses stood at about Dh22 to Dh25 per sq ft per year. Quoting rents for industrial land on which firms can develop factories were about Dh2.5 to Dh3.5 per sq ft per year.

The company said it had completed work on 7 million sq ft of warehouses, of which 85 per cent was now leased.

It had also completed work on three 12,000-bed labour villages which it was leasing at a rate of Dh380 per bed per year.

"We expect a growth in the demand from local and regional companies for industrial products and various services offered by Dubai Industrial City," said Abdullah Belhoul, the managing director of Dubai Industrial City.

"These companies are actually benefiting from the overall growth of the local economy and the industrial sector."

Last January the estate launched a second phase of 3.5 million sq ft of warehouses and showrooms at a cost of Dh750 million.

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Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
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Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

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Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

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