News Column

Ex-Depa CEO\ s firm to build at Dubai Internet City

September 1, 2014

ArabianBusiness.com Staff



Sweid & Sweid Development has broken ground on a new speculative office building within the Dubai Internet City freezone.

The company is a boutique real estate development firm set up and chaired by Mohannad Sweid, the former CEO and co-founder of Dubai-based interiors contracting company Depa. He left Depa in October last year.

It was founded in 2006 and has already delivered a commercial office building within Cairo Festival City in Egypt.

The new building will have more than 100,000ft 2 of gross floor area stretched over seven storeys, including ground floor retail units.

It will also have more than 80,000ft 2 of underground parking. Sweid & Sweid said funding for the building was already in place and that it is likely to complete and be occupied by 2016.

The company said that the building would be suited to a multinational firm looking for space in the region, with the offices suitable for single owners or firms looking for large and continuous commercial space in the region.

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Mohannad Sweid said: "Following our success in delivering bespoke commercial space in Cairo, we believe a similar, institutional-grade product will be well absorbed by the Dubai market. Dubai Internet City remains one of the most sought-after locations for major multinational corporations given its low density, proximity to the Sheikh Zayed Road, and surrounding residential communities such as Dubai Marina, Tecom C and JLT.

"Furthermore, we believe The Edge will distinguish itself as a single owned, highly efficient, modern product that falls in line with market demand."

Majed Al Suwaidi, managing director of Dubai Internet City said: "Dubai Internet City is now home to over 1,400 companies from across the ICT value chain and over the past year we have witnessed the expansion of several business partners as well as welcomed a large number of new companies into our community.

"In line with this, The Edge will further support the needs of existing and future business partners and Dubai's ICT industry and vision to be a leading knowledge-based economy."


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Source: Construction Week (United Arab Emirates)


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