Dubai World Central secures AED24.5bn investment

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By Saifur Rahman  www.zawya.com

Dubai World Central has so far secured Dh24.5 billion investment while a further Dh500 million is being pumped in by Emirates airline to develop its pilot and cabin crew training facility at its Aviation City cluster, officials said at a briefing on Thursday.

Once completed, the Dubai World Central ( DWC ) – the Dh120 billion behemoth – will help aviation and tourism sectors to contribute $45 billion annual revenue to Dubai’s economy.

DWC was launched by the Dubai Government in 2005 as a strategic initiative to boost its non-oil economy by strengthening the aviation, tourism and logistics sector – some of the emirate’s biggest contributors to its GDP. Al Maktoum International Airport (AMIA) – the centrepiece of the 140 square kilometre DWC development – became operational in June 2010 for cargo flights. However, in October this year, passenger services will be launched at the airport, which will enhance activities in the area.

Over the last eight years, Dubai government has invested Dh22 billion in developing its infrastructure, commercial space, licensing and regulatory arms and a logistics corridor with Jebel Ali Free Zone – to create the region’s biggest sea-to-air logistics hub that will serve two-thirds of the global population and $3.6 trillion economy.