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Tecom Investments has reported a high level of interest in its Dubai Design District (d3) project from prospective business partners. According to the developer, d3 has received more than 500 expressions of interest, outstripping expectations, while dozens of licenses to operate under the free zone are already approved or under process.
Construction work is underway on the first phase of d3, a Dh4-billion development at the core of the 15.5-million-sq-ft site, including offices and workshop spaces. The first phase is expected to be ready for tenants early next year.
“I am delighted that d3 has attracted so much interest from the design community,” said Dr Amina Al Rostamani, Group CEO of Tecom Investments. “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.”
The second phase of the development will focus on d3’s waterfront area. It will feature substantial food and beverage, retail and entertainment elements. Once complete, d3 will be a creative community that promotes emerging regional design talent, while providing a home to the world’s leading brands.
The d3 site, located a few minutes from The Dubai Mall, will boast a 1km waterfront, twice the length of Jumeirah Beach Residences. The area will feature international and niche hotels, a pop-up shop area and a convention centre.
Residential, commercial, retail and hospitality real estate will be on offer, and the area will be characterized by distinct public spaces, unique street furniture and shaded walkways.
Tecom further revealed that businesses and individuals can already apply for licences. They will be able to operate from one of Tecom’s other free zone locations until their spaces at d3 is ready.
More than 100 design-related firms already operate in Tecom’s other free zones.
Source: Property Weekly