Dubai Textile City is to be built on approximately six million square feet (557,000 square metres) of land in the emirate Al Warsan area and is to be completed by mid-2005, Texmas said in a statement. .
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Ashok Sawlani, vice-chairman of Texmas, which groups some 300 local and international textile merchants in Dubai, said the first phase of the project had already been rented out to more than 90 investors and space allotment to investors in the second phase is currently on. .
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Sultan Ahmed bin Sulayem, executive chairman of the Dubai Ports, Customs and Free Zone Corporation, which is co-promoting the city with Texmas, laid the cornerstone for the project today. .
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Over the past five decades, the emirate textile industry, valued at Dh9 billion ($2.4 billion) annually, has played a critical role in the economic development of Dubai, and is today the second largest contributor to the emirate trade, including both exports and imports, Bin Sulayem said. .
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Dubai Textile City will create numerous global market opportunities for the textile trading community operating in Dubai, he added.
Date:3/18/2004
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