Al Quoz joins Dubai’s Rental Index, even as licences issued at the creative hub rise 82%.
Al Quoz Creative Zone, Dubai
14 June 2022, 12:00 AM
30 June 2022, 12:00 AM
The number of creative licences issued in Al Quoz Creative Zone has increased by 82 per cent since the launch of an initiative that makes it easy to start businesses.
The ‘Creatives Journey’ was launched as part of the ‘Invest in Dubai’ platform to allow creative and talented individuals to start their businesses within minutes.
The latest review of the Al Quoz Creative Zone Development Project by its Higher Committee presided over by Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and Member of the Dubai Council, has shed light on the changing face of the community, even as three new members representing Dubai Police, Digital Dubai Authority and the Government of Dubai Media Office, have been brought on board, it was announced in Dubai on Sunday.
Sheikha Latifa said during the review meeting, “We will continue to strengthen our efforts to enhance the emirate’s position as a global creative hub that develops innovative and inspiring creative projects. We have been studying various international best practices for the establishment of creative zones, and we aim to make the Al Quoz Creative Zone an exceptional model for a creative zone in line with our leadership’s vision.”
The number of creative licences issued in Al Quoz has increased by 82 per cent since the launch of the ‘Creatives’ Journey’ initiative on the ‘Invest in Dubai’ platform. This is a 76 per cent increase across Dubai as a whole. The initiative has also contributed to shortening the number of steps needed for creatives to establish their work.
By 2026, the master plan for the zone is expected to provide facilities that will house 6,800 creatives.
As per Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai’s directives, tenants rebuilding or renovating their properties to benefit the creative community in Al Quoz Creative Zone are exempt from rent for up to two years. Dubai Culture has also provided the opportunity for artisans, creatives and manufacturers in Al Quoz to apply for the long-term cultural visa.
With the zone joining the Dubai Land Department’s Rental Index, tenants can now calculate rental increase and average rent in the real estate market. Change of land uses from industrial to creative purposes is being supported and tenants’ processes for obtaining approvals and licenses being facilitated.