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FINANCIAL NEWS
Dubai’s DMC initiates USD680m Business District
21 Dec 2011
(MENAFN) Dubai Maritime City (DMC) said that it launched a Business District with a cost of USD680 million on a man-made peninsula between the Drydocks World and Port Rashid, reported Emirates 24/7.
DMC added that the district, which included a maritime center, harbor offices and residences, a marina, an academic quarter and a hotel, was designed to be the chief business growth engine of DMC, making up 90 percent of the firm’s expected total income next year.
DMC, which slashed its total overhead costs by USD41 million in 2011, a move that resulted in forecasted revenues of USD116 million for the year, said that work would start on 6 new projects in the 121-hectare Business District, whereas project mobilization and initiation of building would begin towards the end of the coming year.
It is worth noting that DMC, owned by Dubai World, is an integrated development encompassing commercial, industrial, academic, and residential and lifestyle components, designed to boost the maritime industry
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