Armada Tower P2 is the 50th tower to receive building completion certificate at JLT

Five more towers to be completed by the end of 2010

Dubai, UAE; September 27, 2010: Dubai Multi Commodities Centre (DMCC), the operator of the Jumeirah Lakes Towers ('JLT'), the fastest growing free zone in Dubai, announced the completion of its 50th tower, the Armada Tower P2 ('Armada Tower'), part of the Armada Group portfolio.

The completion of the Armada Tower P2, a commercial tower, completes the three tower mixed-use development, offering residential, commercial and retail facilities. Towers P1 and P3 were completed earlier in the year. Residential occupancy is already taking place and large number of retail shops have opened their doors to customers and businesses.

"The 50th tower is an important milestone towards making JLT the fully-fledged, mixed use community that we had envisaged back in 2002," said Ahmed Bin Sulayem, Executive Chairman of DMCC. "We have been working hard on developing the infrastructure within JLT and it is a testament to the effort of our team and partners that over 60 per cent of the community has been completed. DMCC has a sustainable growth strategy which continues to show robust growth. Today, DMCC member companies with licenses to operate their businesses in the JLT Free Zone total over 2,300, while the residential towers have upward of 90 percent occupancies."

JLT is a mixed-use free zone in Dubai with freehold property options, and will have a total of 87 towers when fully operational. Almas Tower, the crowning centrepiece of the community, will be surrounded by 78 towers clustered in groups of three connected by four lakes and landscaped gardens, while eight towers will be located on the JLT embankment.

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About DMCC:
The Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. 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. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies.

For further information, please contact:
Brunswick Group
Jade Mamarbachi
+971 4 365 8262

© Press Release 2010