Dubai Media City rolls out red carpet for Indian firms

Our eFE Bureau in Mumbai

DUBAI Media City, part of the Dubai Technology E-commerce and Media Free Zone (TECOM) initiative and an initiative of the government of Dubai, unveiled its plans to tap the Indian sub-continent. Mr AbdulHamid Juma, chief sales and marketing officer of Dubai Media City, said 21 per cent of the companies registered in the new media hub were from India and hopes to increase it to 30 per cent by 2003.

Under the free zone status Dubai Media City offers a 100-per cent ownership to businesses and guarantees its companies attractive tax exemptions for a period of 50 years. The city’s first phase housed 65 companies in 630,000 sq feet. The second phase to be launched early next year will host 110 companies in 259,000 sq feet and the blueprints for the third phase is underway and targets 300 companies by 2003.

The Dubai goverment has invested $ 2.5 billion in the Dubai Technology Ecommerce and Media Free Zone, ha said.