DUBAI: Dubai Investments has announced a 36 per cent increase in sub-leasing contracts in its wholly-owned subsidiary Dubai Investments Park, DIP, in the first nine months of 2017 compared to last year.

The company added, “Out of these, nearly 68 per cent contracts pertained to existing subtenants, reflecting DIP’s growing demand as a premier business destination in the region.

The new subtenants during the period under review amounted to 26 per cent new subtenants; of which 46 per cent were in warehousing activity, 35 per cent in staff accommodation activity, 14 per cent in offices activity, and 5 per cent in commercial activity. Some of the new subtenants included Spectrum Automotive Services, Multi-Level Technology, Cheese Land, among others.

Commenting on the announcement, Omar Al Mesmar, General Manager of DIP, said, “The sharp increase in DIP sub-leasing in the first nine months of 2017 period reflects the surging optimism in the regional business environment, coupled with the growing reputation of DIP as the preferred business destination. There has been a strong demand for warehouses in DIP, as a result of its proximity to the Expo 2020 site and Dubai South.