Dubai's DMCC plans world's tallest commercial tower

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Ahmed Bin Sulayem, executive chairman of DMCC.

Ahmed Bin Sulayem, executive chairman of DMCC.

The Dubai Multi Commodities Centre has announced plans to build the tallest commercial tower in the world as part of its expansion plans.

The government-backed authority dedicated to establishing Dubai as the global gateway for commodity trade said the tower aims to accommodate large corporations and multi-nationals looking for significant office space.

The DMCC Business Park and the world's tallest commercial tower are currently in the concept design phase, a statement said, without giving further details about the tower.

The business park will comprise of 107,000 square metres of premium commercial and retail space.

Ahmed Bin Sulayem, executive chairman of DMCC, said: "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 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 percent of which are new to Dubai.

In 2013, an average of 200 new companies have joined DMCC every month, he added.

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

Islam Zughayer, managing director and head of Berenson MENA, an investment banking firm with offices in New York, Dubai and Kuwait, said: "DMCC has not had any external debt for several years. Prudent fiscal management and focussed leadership have allowed DMCC to maintain a healthy balance sheet that can support a project of this magnitude.

"Given DMCC's track record and substantial experience with commercial towers, we believe DMCC is perfectly positioned to deliver this project successfully."

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

3
Most Popular
Most Discussed