Jumeirah Lakes Towers construction progresses on schedule

• Project’s first lake inaugurated
• 25 towers ready for handover by first half 2009
• Project on track for completion in 2011

The Dubai Multi Commodities Centre (DMCC) announced today that its Jumeirah Lakes Towers (JLT) community development is progressing as per schedule, and is on track for completion in 2011. Ahmed Bin Sulayem, Executive Chairman, DMCC, also inaugurated the project’s first lake, which covers over 51,600 square metres and has a capacity of 103,200 cubic metres. The first of four man-made lakes planned for the project, the lake was officially named “Zafeer,” meaning sapphire in Arabic.

Jumeirah Lakes Towers, the upcoming mixed-use, real estate development situated along Sheikh Zayed road in the New Dubai area, is fully owned and managed by the Dubai Multi Commodities Centre Authority. A 200-acre mixed-use development, JLT was conceptualised with the intention to fulfil DMCC’s mandate to provide physical infrastructure for commodities-related businesses that wish to set up offices in Dubai.  Accordingly it has been designed as a free zone freehold community and offers all related services to the fast growing commodities community in Dubai.

DMCC’s flagship Almas Tower (Almas means diamond in Arabic) is the crowning centerpiece of the community, and provides a whole range of comprehensive services for the region’s diamond, coloured gemstones and pearls industry under one roof. These include a dedicated Diamond Exchange, the Kimberley Process Certification offices, the Dubai Gems Club, the Dubai Pearl Exchange, access to secure transportation agencies such as Brinks and Transguard, in addition to networking and meeting rooms where bilateral trade can be conducted in secure and exclusive premises. The Almas Tower also houses the corporate offices of the DMCC.

JLT comprises 87 towers dedicated to offices, residences, hotel apartments and hotels, with 78 of them in clusters of three around the Almas Tower. JLT is currently a community under development with 25 towers completed, 25 more for completion in 2009 and 27 towers expected to be completed in 2010. Each of the freehold towers are 45, 40, or 35 storeys high.

“Despite global industry challenges, JLT has been steadily moving ahead and instilling confidence among developers and investors, underscoring the sound fundamentals that support the growth of Dubai’s real estate sector,” said Ahmed bin Sulayem, Executive Chairman, DMCC. “As one of Dubai’s most prestigious locations, the JLT development stands out for its unique community spaces and unparalleled world-class lifestyle. We are confident that the JLT community will be a valuable addition to Dubai’s real estate landscape.”

He added: “Our commitment to completing our projects on schedule is an extension of our long-term objective to create greater value for our customers and investors. We have also been meeting regularly with developers here, who remain committed to bringing their projects to fruition on time.”

Bryan Wilson, Executive Director – Properties at DMCC, said: “JLT’s free-zone status, its strategic location and government support has attracted immense interest from investors and end-users. Buildings are fast developing both in the central area near Almas Tower, as well as around the embankment. We are also focussing on the development of community spaces including three more lakes, outdoor cafes, attached and detached retail, gardens, day care centres and children’s play areas, the work for which will see further progress in the latter half of 2009.

Jumeirah Lakes Towers is a dynamic waterfront community with four calming lakes, beautifully landscaped gardens and unique waterways, creating a vibrant waterfront environment and providing stunning views from all around. JLT is situated adjacent to Sheikh Zayed Road, between Interchanges 5 and 6.Â

About DMCC:
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated ‘A’ by Standard & Poor’s, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.