A whopping twenty thousand jobs would be created in Dubai when a free trade zone called Dubiotech would be developed for attracting researchers and companies to Dubai by July 2007. People with specialized skills would be recruited in the projects that would be operating in Dubiotech. This area is being set up under the Dubai Technology and Media Free Zone Authority. Around three hundred hectares of land has been embarked for this project. It would be built at a cost of around $35.39 million whereas the headquarters and laboratory would be requiring an investment of Dh600 million. A regulatory framework is also being put into place in order to tackle copyright issues and IPRs. As of now sixteen companies have been licensed and another ten are being invited. Looks like Dubai is set to become the next big biotechnology hub.