International City, Dubai – A Commercial Gold Mine

International City, Dubai - A Commercial Gold Mine
Freehold shops with Free Zone trading licenses

The multi-clustered ‘International City' is a self-contained community of 27,435 apartments and more than 60,000 residents. Till recently, this 800-hectare project in Dubai was touted primarily as a residential oasis. But, with a vast retail space comprising 5,200 shops aside from ‘Dragon Mart', the commercial segment of ‘International City' deserves a closer look. Retail units at the development are characterized by the highest levels of safety and security, benchmarked against the best global standards.

Prime reasons why you should commence business at International City..

1. Better Living Standards of Incumbents

Equipped with quality amenities and built to the highest standards, ‘International City' spells better standards of living and facilities. As its name connotes, this is a ‘city' within the city of Dubai. Consequently, the residents are always on the lookout for superior shopping and entertainment experiences. At present, we sense an urgent requirement of well-stocked outlets at the locality, offering a wide selection of goods and commodities.

2. Competitively Priced Retail Outlets

Shops at 'International City' boast the most competitive rates in Dubai, especially when compared with pricier properties on Sheikh Zayed Road and Business Bay. Their excellent connectivity to other districts in Dubai makes them suitable for all kinds of businesses. We expect prices of the retail units to go up in 2008/2009, as residents settle down and acclimatize themselves to the amenities at the development.

3. Prospects of Increased Returns

The long-term prospects of commercial establishments at 'International City' are extremely good. All the properties have been handed over to individual owners; the final deliveries were made in 2007. The development is now a bustling community, home to over 60,000 people. However owing to the absence of full-fledged supermarkets/hypermarkets in the vicinity, there is a gnawing need for such outlets in the area. Currently, one has to resort to either Karama or Deira, braving the ever-worsening Dubai traffic to purchase essential commodities.

Shops at International City are located on the ground floors of residential buildings, catering to the occupants of upper storeys. Thus, we assert that as residents move into apartments there will be a rising demand for essentials which in turn will escalate rental returns from retail offerings.

4. Easy Accessibility

International City is ideal for all kinds of businesses, mainly because it is easily accessible from other emirates and districts of Dubai. The Roads and Transport Authority (RTA), Dubai has launched has launched two bus routes, linking the master project to the prime city centers and even Sharjah. The services operate at 10-15 minute intervals from Saturdays to Thursdays.

5. Transparent licensing rules

Shops at International City are freehold. Trade licenses are issued by the Jebel Ali Free Zone Authority (JAFZA) and therefore, businesses at the development are on par with free zone trade establishments. Moreover, the buyer receives a family residence visa from the Government of Dubai that is valid for 99 years.

6. Excellent logistics

The 'International City' accommodates hundreds of modern and spacious warehouses that facilitate smooth flow and storage of goods to the shops within the sector. Also, these units are fitted with equipment that comply with international norms and regulations.

How to apply for Trade Licenses at International City?

At 'International City', it is easy to set up businesses. A range of retail units are now on offer for purchase.

Guidelines:

1. Before commencing business, the investor/applicant must confirm in principle with both NAM and JAFZA if the desired activity is permitted in International City: Contact details: NAM Tel: 009714-3751400, email: licenseNOC@nakheel.com; JAFZA Tel: 009714-8813000, website: http://www.jafza.ae/

2. Upon gaining approval, the applicant should go to International City Management Office with the copy of the contract (Sales Agreement/Lease Contract).

3. Submit the Preliminary Approval Application Form and the following documents:

1 copy of property filled Preliminary Approval Application Form
Passport copy of the applicant
Copy of Sales/Lease Agreement
Floor Plans which show the location of the shop
No Objection Letter (addressed to JAFZA) from the current sponsor to allow the applicant to set up business at International City
To open a branch at International City - a copy of Dubai (DED) license is required (only Dubail license holders are eligible to open a branch at International City); minimum validity of the license is 6 months
Activity/project description

4. Processing of Preliminary Approval is done in 2 to 5 working days

5. Upon issuance of Preliminary Approval, the applicant can apply for a trade license at JAFZA, the licensing authority.

**Kindly be informed that applications for JAFZA trade license will require the application be referred to Environment, Health & Safety (EHS) for their review & approval. They may require additional information from the applicant.

JAFZA Trade License Requirements:

Applicant's person profile (CV)
Bank reference (a letter from the applicant's bank verifying the existence of bank account)
Photocopies of passport and residence visa
Registration application form
Board resolution (attested by JAFZA)
A copy of Sales Agreement
Manager's passport photocopy along with residence or visit visa photocopy
Manager's specimen signature
Project description
Floor plans
NOC from the sponsor

Please look up this space next week for the NAM and JAFZA Fee Schedules.