Building on Dubai’s strengths as a global centre of trade
DMCC aims to build and operate world-class urban destinations for businesses and residents – creating the ideal place for them to grow and thrive. It is the master developer of the vibrant Jumeirah Lakes Towers (JLT) community and the much-anticipated Uptown Dubai. As a leading urban developer, DMCC has built a strong foundation to add value to businesses, enrich the lives of its residents and create a unique experience for visitors.
JLT has become home to 100,000 people and over 17,500 businesses, who choose to live, work and thrive in the community. Having established itself as one of Dubai’s leading mixed-use developments, JLT comprises 68 residential and commercial towers, including Almas Tower - the tallest commercial tower in the region - and 600 retail outlets. Uptown Dubai is the latest addition to DMCC’s portfolio, offering premium commercial, residential and recreational areas.
DMCC strives to deliver sustainable, smart and commercially successful projects that contribute to the overall growth of Dubai.
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 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.
In 2017, we were delighted to win the ‘Global Free Zone of the Year’ award from the Financial Times’ fDi magazine for the third consecutive year, in recognition of our commitment to world-class services, innovative infrastructure and connections.