Tower set to be new home for gold market in Dubai Au
Dubai: The DMCC announced today that it has completely sold commercial space in the Au Tower, the DMCC's prestigious second freehold commercial property.
The DMCC offered businesses 100% ownership as a free zone company and ownership of business premises on a freehold basis. Similarly to the Almas Tower, which went on sale at the same time and sold out in less than 24 hours, commercial space in the Au tower was initially limited to companies registered as DMCC members and engaged in the gold, diamonds and commodities trade. Total sellable area in the Au Tower was approximately 400,000 square feet on 37 stories, and was sold to clients representing all links of the gold value chain. Leading international and regional companies such as Lazurde, Taiba, Atassay, Damas, , Al Romaizan, Al Zahra and Sonigold are among the market leaders who have purchased properties.
Mr. Ahmed bin Sulayem, Chief Operating Officer, DMCC said, "We were very pleased with the results from the sale of the commercial offering in the Almas Tower; we are delighted to see that Au Tower has received the same reception. We look forward to further developing the value chain proposition for the gold, diamonds and commodities sectors in Dubai."
David Rutledge, Chief Executive Officer of the DMCC, said: "We are thrilled by the strong interest in both of our properties. As I have said before, the DMCC believes that creating the necessary infrastructure and setting high benchmarks for trust and transparency are important facets in putting Dubai on the global map for the diamond, gold and commodities sectors. We will continue to seek out opportunities to accommodate the increasing number of market participants interested in establishing presence in Dubai via DMCC"
The Au Tower, Au being the chemical symbol for gold, is set to be the new heart of the gold industry in Dubai. The landmark 37-storey Tower has been themed for the gold, precious metals and jewellery industry. The tower is designed to meet the specific requirements of a wide range of gold-related business, including traders; distributors; designers and industry support services. Surrounded by gardens and lakes, the Au Tower offers a perfect location for creative and successful businesses. The Dubai Gold and Commodities Exchange will also be housed in this tower.
The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. 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. Residents are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment.
For further information on DMCC, please contact:
Karim Chrobog or Ashraf Al Shakaa
Bates PanGulf PR
Tel: +971-4-295 3456
Fax: +971-4-295 1027
Email: karim@batespangulf.com
© Press Release 2005
