Dubai Media City, promoted by the Dubai government, has offered hundred per cent ownership to Indian firms and is guaranteeing attractive tax exemptions for a period of fifty years as part of its effort to tap the Indian subcontinent.
"Dubai Media City is positioned as the media hub of the region and promises to become a global player in the near future. 21 per cent of the companies registered in Dubai Media City are from India," said AbdulHamid Juma, chief sales and marketing officer of Dubai Media City.
It has decided to offer a hundred per cent ownership to businesses and guarantees its companies attractive tax exemptions for a period of fifty years.
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The media city is part of the Dubai Technology, E-Commerce and Media Free Zone (TECOM) initiative and is set to make it big in the media world. The TECOM free-zone comprising the Dubai Internet City, Dubai Media City and Dubai Ideas Oasis has been set up by the Dubai government with an investment of $2.5 billion.
The Dubai Media City provides a single-window clearance for media professionals -- free lancers or companies -- to set up business in this area. "It acts as an enabler and a facilitator to its customers and eases the way for visas, licenses, etc and will also provide recreational and residential needs in the near future," said Juma.
He said, "Indian companies have the opportunity to expand their business and enter new markets through the large and growing NRI community. Also given the fact that Indian television software and films have made an impact overseas, Dubai Media City offers an excellent base to cater to these growing needs for entertainment."
The media city currently houses six media segments namely broadcasters, production/post production, publishers, marketing services (advertising and public relations), new media and music companies.
The first phase of the Dubai Media City is marked by the presence of companies such as Reuters, CNBC, Pentamedia Graphics, Asianet, Reminiscent TV, Lintas Bradcom, Sony Broadcast and Professional, Pegasus Publishing and Middle East Broadcasting Corporation.