Dubai Design District Records High Investor Interest

Dubai Design District (d3) has received over 500 expression of interest from investors, outstripping expectations, its master developer said in a statement.

As a result of its popularity among the design community, dozens of licenses to operate under the d3 free zone have been approved while others are in the process of approval, according to TECOM.

Construction work on the first phase of d3, worth Dhs4 billion, is underway and it is scheduled to be operational by early 2015.

The first phase will include art offices and workshop spaces while the second phase will focus on the waterfront area, which consists of F&B, retail and entertainment options.

The district will also help Dubai achieve it goal of attracting 20 million tourists and will earn around Dhs300 billion in tourism revenues per year by 2020, TECOM said.

The d3 site, located close to Dubai Mall, has a kilometer-long waterfront, which is twice the length of Jumeirah Beach Residences (JBR). It will feature international and niche hotels, a pop up shop area, and a convention centre.

The property options on offer will include residential, commercial, retail and hospitality real estate, and the area will be characterised by public spaces, unique street furniture, and shaded walkways, the statement said.

Businesses and individuals looking to operate in d3 can apply for and secure their license even as the construction progresses, the developer said. It added that firms would also be able to operate from one of TECOM’s other free zone locations until their particular space is ready for occupation.

“We undertook extensive research and planning to ensure we create an environment that provides global brands better access to regional talent and the growing GCC markets, as well as being a platform to promote emerging Arab talent internationally,” said Amina Al Rustamani, group CEO at TECOM Investments.

“Luxury brands like Hermes, apparel brands such as Nike, and educational institutions focused on the industry like ESMOD, are already doing business in TECOM’s other free zones, and the significant level of interest d3 has garnered shows others from the industry are keen to join them.”

Al Rustamani also confirmed recently that d3 has been seeing a huge interest from operators of boutique hotels.

Along with developing the design district, the emirate has also unveiled Dubai Fashion 2020, a grandiose plan to develop Dubai as a global fashion hub by 2020.