Property

DMCC has announced that the first phase of their Uptown Dubai district, Uptown Tower, has reached 153m, with over 32 floors completed.

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – and Bull&Roo Hospitality and Investments today announced their second partnership. A new retail and F&B concept is set to launch in Q2 2021 in the heart of the Jumeirah Lakes Towers (JLT) Central Park, perfectly positioned for the JLT community of over 100,000 people.

DMCC in partnership with Eye Media is offering quality services and innovative advertising solutions in JLT to help build your brand and easily reach over 100,000+ customers.

The land sale takes place between the world’s leading Free Zone and Musharaka REIT Fund.

The target property will be one of the largest self-storage facilities in the Middle East

The land purchase illustrates investor confidence in DMCC and its JLT business district

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – completed a real estate transaction comprised of a single plot of land sale with a self-storage facility on it to Musharaka REIT Fund, Musharaka Capital as fund Manager for Musharaka REIT is the representative of the Fund, for a total value of AED 46 million (USD 12.6 million). The price was decided after the fund obtained evaluations from two independent real estate accredited valuers.

The plot of land acquired by Musharaka spans across approximately 5,400 square metres (sqm) and is strategically located in the DMCC’s and Jumeirah Lakes Towers (JLT) business district overlooking Dubai’s Sheikh Zayed Road. Musharaka’s acquisition also includes a self-storage building with a total built area of 13,860 sqm. The facility will be leased by Musharaka to the ‘The Box Self Storage Services Co.’ with an initial rental yield of 8.7%.

Paul Ashton, Executive Director – Property, DMCC, said: “Musharaka’s acquisition confirms the resilience of real estate in Dubai, and market confidence in DMCC. DMCC has premium plots for sale across Jumeirah Lakes Towers which are attracting significant interest from diverse range of investors and developers, who are all searching for strong rental yields.”

Ibrahim Fahad Al-Assaf, Chief Executive Officer, Musharaka Capital, added: “This cross-border transaction has given us a plot of land with an accompanying long-term rental yield in one of the largest free zones in the world. DMCC also has the right compliance and regulatory framework in place, making it a safe and attractive investment and the right option for us.”

DMCC is developing Dubai by creating dynamic destinations for businesses and residents. It is the master developer of the vibrant JLT community and the much-anticipated Uptown Dubai District.

The Musharaka REIT fund, which is listed in the FTSE EPRA/Nareit Global Real Estate Index Series, is among a wide range of investment products offered by Musharaka Capital to support both individuals and corporations pursuing their financial goals. It is considered one of the best REIT funds in the Kingdom of Saudi Arabia and in the region, which is differentiated by the diversity, quality, and high rental returns of its assets.

DMCC finalizes a Lease Renewal deal with Shelf Drilling at its flagship tower One JLT! The leading jack-up contracting company has signed a five-year lease renewal agreement with DMCC for their headquarters office located in One JLT, a 14-storey high-end commercial tower situated at the heart of the Jumeirah Lakes Towers (JLT) community and offers conventional office features and amenities.

DMCC welcomes its new tenants! Paul Ashton, Executive Director Property and Dhanu Abhyankar, Director – Sales and Leasing, DMCC pictured with Sofiane Berrahmoune, Managing Director Dubai, Symrsie ME Flavor during their meeting at the DMCC Sales Center to sign a new office space lease agreement. With plans to strengthen their presence and underpin their growth goals in the region, Symrise ME has decided to relocate to a 10,000 sqft premium office space in Gold Tower, Jumeirah Lakes Towers. The new office is set to become a Sales and Marketing space, as well as a state-of-the-art application facility servicing the Symrise ME Flavor market and supporting Africa and Middle East.”

We are pleased to announce our collaboration with Contractors.Direct to provide our members and tenants a smart, quick and reliable tool to easily access range of contractors for their office fitout projects. Committed to offering our new and existing members valuable services and wide variety of property solutions – this digital platform can be used to select a qualified contractor and apply for project financing for as much as AED 3.5 million spread over three years.
Learn more about the platform here.