World's tallest tower part of 107,000 sq/m business park expansion plan
DMCC financially sound confirms investment banking firm Berenson
DUBAI, UAE, July 2, 2013 /CNW/ - The Dubai Multi Commodities Centre
('DMCC'), the Government Authority dedicated to establishing Dubai as
the global gateway for commodity trade, announced today its plans to
build the tallest commercial tower in the world as part of its
expansion plans designed specifically for large multi-nationals.
(Photo: http://photos.prnewswire.com/prnh/20130702/626110 )
Ahmed Bin Sulayem, Executive Chairman of DMCC, said:
"When we announced the 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.
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% 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."
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 of 107,000 square metres of premium
commercial and retail space.
Islam Zughayer, Managing Director and Head of Berenson MENA, an
investment banking firm with offices in New York, Dubai and Kuwait,
"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
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.
In addition to its outstanding growth record and projections, DMCC holds
a strong historical financial track record. In 2005, DMCC launched a
ground breaking gold Sukuk, raising US$ 200 million to help finance the
construction of its commercial towers. At the time, the Sukuk was
assigned an "A" long-term and "A-1" short-term rating by Standard &
Poor's Rating Services and was oversubscribed. The Sukuk allowed
investors to receive payment denominated in gold bullion as an
alternative to US dollars. Despite the onset of the global financial
crisis, the Sukuk was repaid fully and on time.
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 development. On average, DMCC welcomes over 200
companies per month to its Free Zone, more than 6 companies per day -
over 90% of which are new to Dubai.
Visit http://www.dmcc.ae for further information.
SOURCE: Dubai Multi Commodities Centre (DMCC)
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Dubai Multi Commodities Centre
PR & Corporate Communications Manager