Dubai Multi Commodities Centre (DMCC), the world’s leading free zone for trade and commodities under the authority of the Dubai government, has announced a partnership with Damac Properties to develop a new residential project in the vibrant Jumeirah Lakes Towers area.
The project, called Jumeirah Lakes Towers Towers, will consist of two towering buildings with 65 floors, adding 1200 new residential units to the Jumeirah Lakes Towers area. The buildings will cover a total built-up area of 1.7 million square feet, with an estimated project value of around 545 million dollars (2 billion dirhams).
The new residential towers, which are still currently in the design phase, are located next to the Abtown Dubai area, which is part of the Dubai Multi Commodities Centre, thereby enhancing the attraction of the Jumeirah Lakes Towers area as one of the most prominent and famous mixed-use communities in the emirate.
Ahmed bin Saleem, the Chief Executive Officer and Executive Director of Dubai Multi Commodities Centre, said: “We are currently witnessing an unprecedented demand for luxury residential properties in the Jumeirah Lakes Towers area, and this is clearly evident in the exceptional success of The Views project, the first development project under our collaboration with Danube Properties, all of its units were sold out.”
Jumeirah Lakes Towers community is home to over 100,000 individuals, and today it is one of the most prominent and well-known destinations in Dubai. This is due to its comprehensive offerings and options that cater to the needs of visitors, businesses, and residents. We are pleased to announce the launch of our second project in our fruitful partnership with Danube Properties, while also making efforts to redefine the identity of Jumeirah Lakes Towers area and enrich its portfolio of high-quality residential offerings to meet the needs of its growing community.
Ridhwan Sajan, the founder and chairman of Danube Group, stated, “As a private real estate development company that has achieved rapid growth in the United Arab Emirates, we are constantly seeking exceptional land plots in strategic development areas to convert them into exceptional projects.
This vision is clearly manifested in our partnership with Dubai Multi Commodities Centre, which will enhance the attractiveness of our upcoming project. This project will provide investors and buyers with lucrative investment opportunities, as they will benefit from the significant future value associated with investing in this project. This is attributed to two main factors: the prime location of the Jumeirah Lakes Towers area and the continuous support provided by Dubai Multi Commodities Centre.”
This partnership comes after the launch of the first project between the Dubai Multi Commodities Centre and the Danube Properties company in January. This residential project, called “The Views,” is located in the “Kayan” complex in the Jumeirah Lakes Towers area and is valued at 1.4 million dirhams.
All units in the two towering buildings in this project have been completely sold, indicating a continuous demand for premium real estate units throughout the region.
During 2023, Dubai Multi Commodities Centre (DMCC) entered agreements and partnerships with five leading real estate developers to launch six distinctive commercial and residential property projects in Business Bay, Jumeirah Lakes Towers (JLT), and Downtown Dubai. DMCC places special importance on continuous development throughout its various regions and projects as one of its main priorities, particularly as this contributes to attracting record numbers of new companies to Dubai due to the supportive business environment and outstanding residential communities it offers.
Currently, DMCC accounts for 11% of Dubai’s foreign direct investment.
