DMCC Selling Office Space to Diamond, Gold Firms

Dubai has taken another step towards becoming a regional diamond and gold powerhouse with the sale of office space this week in two prestigious commercial properties, the Almas Tower and the Au Tower, by the Dubai Metals and Commodities Centre (DMCC).

 

Companies buying offices in the towers will enjoy 100 percent ownership as a free zone company and outright ownership of premises. The towers are available to firms in the gold, diamonds and commodities trade who are registered as DMCC free zone members.

“The 100 percent ownership serves as a huge commercial incentive for international investment which will further enhance free zone commerce in the emirate,” said DMCC Chief Operating Officer Ahmed bin Sulayem. “Our stringent application processes ensure that DMCC enlists active and credible market participants and eliminates real estate speculation.”

Almas ('diamond') Tower is a 65-story building in the center of the DMCC's 300-hectare development which is intended to serve as the home for the Dubai Diamond Exchange. It has been purpose-built for diamond firms, and features vaulting facilities, advanced security and information technology infrastructure, retail outlets, cafes and restaurants, business centre facilities and a health club.

Meanwhile, the Au Tower is named after the chemical symbol for gold and is set to be the new center for the Dubai gold industry. The 37-story building has been designed to meet the specific requirements of a wide range of gold-related business, including traders, distributors, designers and industry support services.

The first three days of sale were exclusively open to the DMCC's 275 registered members but the sale of commercial space has now been opened up to prospective clients and participants of the gold, diamond and commodities sectors. "The launch of property sales has prompted a substantial number of enquiries from international commodities businesses looking to establish a presence in the region. We received more than 50 new applications within the first two days," said Gaiti Rabbani, the DMCC's Director of Business Development.

The DMCC is planning to launch a third tower soon. The Elaf Tower is aimed at the general commodities trade, and all three towers are due for completion by the end of 2006.