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DMCC plans to boost operations with Burj2020 District


Contributed by Oxford Tax Solutions
October 1, 2015



After 12 years since its launch, the Dubai Multi Commodities Centre (DMCC) took part in the Cityscape and it is presumed that it will not be the last time. The DMCC is undeniably Dubai's most innovative, dynamic and ambitious property developers.

The DMCC has developed a community made up of 66 towers and 85 thousand working residents which enjoy the leisure, retail and commercial facilities is has to offer.

At first, the DMCC was launched to operate as a free zone trade and commerce centre. Its operations involved the purchase and sale of goods and services including diamonds, gold, tea and rice as well as commodity and financial services.

As the years progressed, DMCC developed to such an extent that it created its own urban centre with the creation of Jumeirah Lakes Towers (JLT). At present, DMCC intends to develop even further with the creation of Burj2020 District, which is considered to be one of the tallest commercial buildings across the world.

Dubai officials have not revealed the height of the building as they insist the height of the building is not their primary focus. DMCC is focusing on creating a functional and sustainable building that will benefit and add to its present community. It is expected that the new tower will become JLT's signature building. Dubai officials have confirmed that the purpose DMCC intends to create the Burj2020 is to develop the free zone into a hub for international companies seeking a destination to set up their international or Middle East headquarters.

DMCC is already home to a number of pioneering multinational corporations such as Harley-Davidson, British American Tobacco, and Colgate Palmolive. DMCC is also home to multiple Asian companies like Sinopec, Reliance and Tata. However, DMCC plans to offer international corporations the facilities they require, and the new Burj2020 will help the free zone provide corporations with all the facilities they need.

The DMCC's aim is to enhance trade activity and increase the GDP of Dubai. The DMCC's real estate plans are just a way to achieve its goal.

The location Burj2020 will be constructed is based on Dubai's plan to create an aerotropolis. The free zone is located in the middle of Dubai's two airports. Further, DMCC is in close proximity to Abu Dhabi's airport and Jebel Ali, one of the largest ports throughout the world.

DMCC's strategic location has already assisted the free zone in developing into one of the largest trading hubs across the region. DMCC is currently home to approximately 11 thousand companies and DMCC registered companies increase by 170 companies every month.

The DMCC has developed into the third-largest international hub for gem trade; it is home to about 300 gas and oil companies, 700 diamond companies and has become a gold bullion-trading centre. 

 

Tags: Dubai | trade | services | retail | commerce | financial services | Middle East

 

 

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