Krazy
November 28th, 2006, 04:53 PM
Dana to build 11 towers in iMPZ for Dh2.1bn
Dana Property Development will invest Dh2.1 billion to build a residential complex comprising 11 towers in the International Media Production Zone (iMPZ), the company said yesterday.
According to the Dana Group, construction work, which is due to start in the first quarter of 2007, will be completed by mid-2009.
?iMPZ is glad to have Dana as a partner in building community infrastructure,? said Hamad Huraiz, Director of iMPZ. ?The site for iMPZ, when developed, will become an economic engine that will power the development of this industry. The residential district is a key element in our comprehensive offering for the printing, publishing packaging and graphic arts industries,? he added.
?Partnering with iMPZ will enable us to contribute to the growth of the media produc tion industry in the region,? said Faisal Ali Moosa Al Naqbi, CEO of Dana Property Development.
?Our projects across Dubai have been designed to support the economic development of Dubai. We look forward to developing residential facilities that add to the richness and vibrancy of the iMPZ community,? he added.
iMPZ has previously signed agreements with real estate groups Damac, Fortune Group and ETA Ascon to establish residential facilities.
With an investment of around Dh1bn, iMPZ will be built on an area of 43 million square feet.
It offers printing, publishing, packaging and graphic arts companies with business incentives, ranging from 100 per cent ownership of businesses to complete tax exemption as well as a specialised infrastructure.
Media production companies are expected to invest Dh1.5bn in machinery alone in iMPZ.
Dana Property Development will invest Dh2.1 billion to build a residential complex comprising 11 towers in the International Media Production Zone (iMPZ), the company said yesterday.
According to the Dana Group, construction work, which is due to start in the first quarter of 2007, will be completed by mid-2009.
?iMPZ is glad to have Dana as a partner in building community infrastructure,? said Hamad Huraiz, Director of iMPZ. ?The site for iMPZ, when developed, will become an economic engine that will power the development of this industry. The residential district is a key element in our comprehensive offering for the printing, publishing packaging and graphic arts industries,? he added.
?Partnering with iMPZ will enable us to contribute to the growth of the media produc tion industry in the region,? said Faisal Ali Moosa Al Naqbi, CEO of Dana Property Development.
?Our projects across Dubai have been designed to support the economic development of Dubai. We look forward to developing residential facilities that add to the richness and vibrancy of the iMPZ community,? he added.
iMPZ has previously signed agreements with real estate groups Damac, Fortune Group and ETA Ascon to establish residential facilities.
With an investment of around Dh1bn, iMPZ will be built on an area of 43 million square feet.
It offers printing, publishing, packaging and graphic arts companies with business incentives, ranging from 100 per cent ownership of businesses to complete tax exemption as well as a specialised infrastructure.
Media production companies are expected to invest Dh1.5bn in machinery alone in iMPZ.