Since its inception International Media Production Zone (IMPZ) didn’t stray away from its initial concept of creating ‘Cluster Environments’. Now it’s clear that the strategy is working. However new realities have also emerged following the great recession of 2008. Companies do prefer to move into prebuilt units rather than building everything from scratch. That’s why the existing prebuilt units are already fully booked and waiting list is getting longer.
On the other hand companies who have already purchased land plots are going through design stage. It is expected that construction on the plots will be finished by mid-2015.
“We have already stopped land leasing activities. MAF one of the biggest retailers in the region is moving to IMPZ and a business hotel will be commissioned this year by one of our largest investors.
The demand for offices and warehouses is huge. Two new residential towers are also finalized and tenants are moving in,” explains Saeed Al Falasi, IMPZ’s executive director. He adds. “The plan for building a new commercial and retail center is also well under way.”
AL Falasi stresses that IMPZ has never been simply a real estate project. “We never considered ourselves as landlords. We have always supported our business partners.
We listen to them and offer them many options. The good news is that we are expanding and following the Dubai World Expo 2020 announcement there is even more interest in IMPZ.
Many printing and media companies are considering moving to IMPZ. On the other hand we are more than ready to face the challenges. Being part of TECOM We have a wealth of experience on how to run a Free zone. We are also willing to share this information with others. We regularly receive delegations from different countries around the world including China, South Korea, Europe and Arab world who want to learn from our experience.” Comments Al Falasi.
The future appears very bright for the IMPZ; initially in the UAE, but as a model for development in emerging economies elsewhere in the world.