(MENAFN- Khaleej Times) The Dubai Multi Commodities Centre, or DMCC, the government authority dedicated to establishing Dubai as the global gateway for commodity trade, on Tuesday announced its plans to build the tallest commercial tower in the world as part of its expansion plans designed specifically for large multinationals.
"When we announced the plans to build the 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," DMCC executive chairman Ahmed bin Sulayem 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 multinationals - 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, the 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 the DMCC every single month. This increased demand further demonstrates not only the confidence in the DMCC and Dubai, but also underlines the need for new commercial space."
Currently in the concept design phase, the DMCC Business Park and the world's tallest commercial tower will cater to large corporations and multinationals that require significant floor space to buy or rent. The Business Park will comprise of 107,000sqm of premium commercial and retail space.
"The DMCC has not had any external debt for several years. Prudent fiscal management and focussed leadership have allowed the DMCC to maintain a healthy balance sheet that can support a project of this magnitude. Given the DMCC's track record and substantial experience with commercial towers, we believe the DMCC is perfectly positioned to deliver this project successfully," said Islam Zughayer, managing director and head of Berenson Mena, an investment banking firm with offices in Dubai, Kuwait and New York.
Today, almost 7,000 members from start-ups to multinationals operate from the DMCC Free Zone. To confirm its confidence in the free zone's future growth, the 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.
In addition to its outstanding growth record and projections, the DMCC holds a strong historical financial track record. In 2005, it launched a ground-breaking gold sukuk, raising $200 million to help finance the construction of its commercial towers.
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