The construction on the new Dubiotech free trade zone, is set to begin within four months, and will be built across a 300-hectare area close to the Dubailand project. Dubiotech will consist of a four-storey lab building, whose design is reportedly in its final stages.
The project, developed to attract biotechnology companies and researchers to Dubai, will take approximately two years to complete, according to Gulf News.
An estimated 20,000 new jobs will be created as a result of the new project, which will include high-tech position and many specialized skilled positions.
Infrastructure cost of the development is set at about Dh130 million, while the lab and headquarters buildings will require an investment of Dh600 million, said Dubiotech executive director Abdul Qader Al Khayat.
Dubiotech is also busy developing a regulatory framework to tackle copyright issues and intellectual property rights.
"We will have most of the basic regulations completed by the end of the year. These regulations will be available in both English and Arabic. US-based institute RTI (Research Triangle Institute) is our consultant and advisor on regulation," added Al Khayat.
So far, 16 companies have been licensed by Dubiotech, while 10 more companies are awaiting a response.
