The biggest attraction behind setting up media industries in Dubai is the Dubai Media City (DMC) as it stands proudly with the words of Sheikh Mohammed bin Rashid Al Maktoum. He said: “If knowledge is power, then the media that brings it to us is the source of that power.”
DMC was launched in January 2001 and it has played a huge part in establishing the Emirate of Dubai as a media hub not only in the UAE, but all across the globe.
There is a lot of aura of vibrancy and hence, businesses are focused on media, advertising, and communication. The atmosphere is dynamic and it gives the businesses that are already established in DMC one of the most sought-after location by investors coming into the country.
As of September of 2017, there were reports that said that DMC has made it into the list of Knight Frank’s Global Cities report. The free zone is just behind Brooklyn, New York and South Lake Union of Seattle and there was an average rent of $43.55 per square foot. A number of offices have been created owing to the demand for spaces in the DMC.
Not only this, Dubai has also industry-specific free zones, and DMC is one of them. As a free zone is focused on one industry, it is a great place to cater and supply the needs of a company that has offered the perfect infrastructures and facilities fit for that certain industry.
This is one of the reasons why it is home to a first-class ecosystem, atmosphere, environment. There is also a system that is ripe for investors who are looking to establish businesses that concentrate on all verticals of media including publishing, film, advertising, broadcasting, music, among other verticals.
In Dubai, DMC is known to be a media hub which offers an environment that is dedicated to media and specific subcategories. Hence, this has allowed like-minded people to come together and set-up and work towards a common goal.
What are the other advantages that can play a massive factor?
There is high-speed date, Metro Ethernet environment, digital voice services, as well as several other technical facilities that help in the growth of the companies.
If businesses set up in Dubai, they get a 100% ownership. This is because all the businesses that are setup in UAE mainlands need to find a local sponsor who will then have 51% of your company.
Other listed core benefits include 0% personal income tax and corporate tax for at least 50 years. And there are no currency restrictions, no restriction on hiring foreign employees. And there are 0% customs duties on import and/or re-export of goods and services – all these play a great role in media companies wanting to set shop in Dubai.