| 3 | Crown Prince of Dubai Al Sheikh Mohammed bin Rashid Al Maktoom crown prince of Dubai launched today , i.e. on Saturday , an electronics free e - trade zone which has been named “ Dubai Internet City ” The cost in the first stage of this unique project is estimated at 200 million dollars . Sheikh Mohammed , who is also the UAE Defence Minister , said during the launching ceremony “ we wish to make Dubai a center of modern economy ” . The minister who has a personal website on the internet , further said that he wanted Dubai to become the best place in the world for the advanced ( hitech ) technological companies . He said that it would be possible for the companies working in the electronic trade sector to make Dubai their headquarters , and to establish offices here and provide employment and own machinery in the zone opened to companies fully owned by the foreigners . The electronic trade free trade zone is situated in the north of Dubai , close to the free industrial zone in Jabal Ali Mountain , an area which is considered to be the first in the country , and tenth in the world for transit movement . Launching ‘ Dubai Internet city ’ coincided with the opening of the annual information fair in Dubai which is considered to be the biggest in the Middle East - Gulf Information Technology Getix . ’ |