01 August 2013

THE Dubai Multi Commodities Centre (DMCC) plans to build the world’s tallest commercial tower as part of its expansion strategy.

Currently in the concept design phase, the DMCC Business Park and the world’s tallest commercial tower will cater to large corporations and multi-nationals that require significant floor space to buy or rent. The Business Park will comprise 107,000 sq m of premium commercial and retail space.

“When we announced plans to build Almas Tower in 2002, the Middle East’s tallest commercial tower and DMCC’s headquarters, the entire office space across 63 floors sold out to DMCC end-users mostly in the diamond business, in just a few hours, said Ahmed bin Sulayem, executive chairman of DMCC, the government authority dedicated to establishing Dubai as the global gateway for commodity trade.

“The world’s tallest commercial tower and the DMCC Business Park are the next natural steps to ensure we continue to welcome companies to the free zone as demand grows – particularly from large regional corporations and multi-nationals – in the near future.

“The initiative is designed to further strengthen Dubai’s position as the global hub for commodities trade and enterprise.

“Over the past four years, DMCC has attracted more than 4,000 new companies to the free zone – 90 per cent of which are new to Dubai. In 2013, we have accelerated this growth, with an average of 200 new companies joining DMCC every single month. This increased demand further demonstrates not only the confidence in DMCC and Dubai, but also underlines the need for new commercial space,” he said.

Today, almost 7,000 members from start-ups to multi-nationals operate from the DMCC free zone. To confirm its confidence in the free zone’s future growth, DMCC made a public commitment in early 2011 that it would reach 7,200 member companies by the end of 2013, a target that is expected to be reached in the very near future.

With 65 mixed-use commercial and residential towers and more than 180 retail outlets in operation, there are currently over 65,000 people working and living within the development.

“Given DMCC’s track record and substantial experience with commercial towers, we believe DMCC is perfectly positioned to deliver this project successfully,” said Islam Zughayer, managing director and head of Berenson – Mena (Middle East and North Africa), an investment banking firm with offices in New York, Dubai and Kuwait.

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