Business Today Net Special

A Wannabe Media Capital

Forget hardware and software, the Dubai administration suddenly declares its ambition to become the media-capital of the world and launches efforts to attract media companies to set up base in the city.

By Vinod Mahanta

Dubai Media City: Zoom In

Come, See, and Conquer. That's the message that High Highness Shaikh Rashid Bin Saeed Al Makhtoum is doling out to wannabe enterpreneurs looking for gold in the new economy desert.

Famed for its oil treasure, this emirate plans to pase out its dependance on the non-renewable resource. And new-e niches like media and internet services are where it sees its future. The now -famous Dubai Duty Free Zone was the first step in this direction. And here it's the turn of the new Media City.

Dubai media city attempt to build a multi faceted media community with broadcasting, production, music, multimedia, publishing, advertising, research, and printing, all under one roof and with state-of-the-art facilities. The sops include a tax free environment with a fifty year gaurantee, and there are no stipulations on ownership stakes. Also there is single-window clearence for all media city-related matters, visa-related needs, business related matters , an even personal matters like finding an school for children . In short, within 24 hours of landing in Dubai, you will have the licence to set up business; and employment visa within 2 hours.

With in six months 175 companies have already taken 360 thousand sq. ft. space in the city and 21 percent of them are Indian. The Dubai city is run by staff of 64 people and is headed by a CEO. Investment of $800 million is to be put in phases. Out of total 400 hectare, an area of 360 thousand square feet has already been sold out, and in the second phase 250 thousand square feet of area is on offer. You can rent a desk for $3,000 per year including the desk and the laptop. Companies are also given the liberty to buy a piece of land and and build their own premises. If you dont want to build, just give specifications and and they will build it for you. " We first understood the needs of the media and then built the infrastrucrure." says Abdul Hamid M. Juma, Chief Sales and Marketing Officer, Dubai Media City..

Facilites like schools,medical facilities, are top of the class. It boasts of more than 300 hotels and the emirate is connected by 350 flights every day.

Attracting talent to Dubai can be a hinderance for the success of the city. And to address that, the management is running a talent office which is collaboration between Nicholas International an international talent recruitment company and the Dubai media city. A student can put his CV on their site and companies can tap it. They have also instituted an award where all third or fourth year students can apply by putting their work on dubaimediacity.com.

And, yes, that perpetual bottleneck called finance has been also been taken care of. They have formed a Dubai Ideas Oasis. The oasis will help in financing the entreprenuers, you bring the idea and they bring a money and then the resultant comapny is a JV. Besides VC's, local banks, and private investors are always there on a look out for a sound idea. They have a target of attracting 30,000 to 50, 000 knowledge workers by 2010.

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