By Andy Sambidge
Dubai Multi Commodities Centre chief also reveals plan for DMCC Business Park
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."For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.