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Dubai Multi Commodities Centre UAE’s largest free zone
Jumeirah Lake Towers’ authority biggest and fastest-growing in the country.
September 22, 2013 2:34 by Muhammad Aldalou
The Dubai Multi Commodities Centre (DMCC), more commonly known as the free zone authority behind Dubai’s Jumeirah Lake Towers, is now the UAE’s largest free zone, with more than 7,330 active registrations.
With an average of 200 companies joining DMCC every month, and an average retention rate of 94 per cent, it is also the country’s fastest-growing free zone.
Ahmed Bin Sulayem, executive chairman of DMCC, says that the authority is “well on its way” to achieving its target of having 10,000 companies by 2015, adding that the authority’s expansion plans, including the DMCC business park and the world’s tallest commercial tower, will be the next phase of growth.
He adds: “We are now the UAE‘s largest and fastest-growing free zone – we remain committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise.”
With 65 mixed-use commercial and residential towers, and more than 220 retail outlets in operation, there are currently more than 75,000 people working and living within Jumeirah Lakes Towers. The transformation of one of its lakes into a 55,000-square-metre community park and the road networks within the development are due to be completed by the end of 2013.
In July, DMCC announced plans to build the world’s tallest commercial tower, to cater to growing demand for commercial space; the construction of the tower and the 107,000 square metre business park will add an additional 50 per cent of commercial space (743,224 square metres) to the existing 2.9 million square metres of built-up area.
In an exclusive interview with Kippreport, Bin Sulayem said he understood why some might look at the plans of constructing a purely commercial tower as a case of “putting all eggs into one basket”.
“I know others may think it’s risky, but my view is that it [keeping it commercial] makes it the most efficient. The announcement of the building has already made the area prime; wait until construction begins,” he said.
He added that, as far as naming the tower is concerned, he’d much rather hear from the world community than “pay a hefty sum” to a consultant. “People can participate on my personal twitter handle. They can share their opinion on what the name should be; if it clicks with what we have in mind, the winner will be rewarded with gold.”