Site of tallest commercial tower
The world’s tallest commercial tower will be built on a plot located on the southern side of the Jumeirah Lakes Towers master community, Emirates 24l7 can reveal.
The plot is close to Jumeirah Island and Jumeirah Park. Rendering and design of the tower and the DMCC Business Park, comprising 107,000 square metres of commercial and retail space, is likely to be completed this year with sales begining next year.
Speaking to Emirate 24l7, Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre Authority, revealed there was a possibility that the tower could even rival the 828-metre high Burj Khalifa, the world’s tallest tower.
“If the demand keeps pushing, my fear is that the tower might be taller than Burj Khalifa.”
Taipei 101 in Taiwan is currently the tallest commercial tower in the world. Completed in 2004, it is 508 metres high with 101 floors, Council of Tall Buildings and Urban Habitat (CTBUH) data reveals.
The 541-metre One World Trade Center in New York City, US, will become the tallest commercial tower in the world in 2014, but Ping An Finance Center in Shenzhen, China, will take over the top slot in 2016. It will 660-metres high and will have 115 floors.
Three designs rejected
DMCC chief has already rejected three designs for the tower and will be inviting more companies to present their proposals.
“We will be deploying the best building techniques. The will have more use of steel, thus reducing the number of columns and making more space to end-users.”
He states that the authority may even think of buying the entire steel required to build the tower in advance as the prices of steel are at its lowest.
Funding isn’t a problem at all
Before the announcement of the tower last week, DMCC was in talks with three banks on funding, but the numbers have swelled post announcement, bin Sulayem revealed.
“We were in talks with three financers before after the announcement, but now it more than 11. I have even stopped looking at it now.”
He ruled out that DMCC was looking at issuing a sukuk to fund the new development, adding, “There are various options available and we will chose the one that is the best.”
DMCC, which currently has not external debt, had launched a gold sukuk, raising $200 million to help finance the construction of its commercial towers. The sukuk was paid on time.
The centre has successfully built three towers: 360 metre high Almas Tower, the second tallest commercial tower in the Middle East, AU ‘Gold’ Tower and AG ‘Silver’ Tower.
Al Hamra Tower in Kuwait City, 413 metres high with 80 floors, is currently the tallest commercial tower in Middle East.
Name to be selected by global campaign
Though there is no thought yet given to the name the tower, bin Sulayem disclosed the name will be finalized by a global campaign later on.
“The scope for the names is limited and I will have to be very smart on putting the name on it,” he asserts.
DMCC is expecting to be home to over 7,200 companies by the end of 2013. In just 11 years, DMCC’s members and trading community has contributed between $9 to $12 billion towards Dubai’s GDP.
With 65 mixed-use commercial and residential towers and over 200 retail outlets in operation, currently over 65,000 people are working and living in Jumeirah Lakes Towers.
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