Jumeirah Lake Towers Completes First Three Towers

Residential News » Residential Real Estate Edition | By Alma Kadragic | June 28, 2010 11:01 AM ET

(DUBAI, UAE) -- Jumeirah Lake Towers (JLT) is an enormous free trade zone in Dubai that will eventually include 87 towers grouped in 26 so-called clusters. Over the weekend, the first cluster, designated Cluster S, was handed over.  Its three residential towers can house 1,400 residents.

The JLT free zone is administered by the Dubai Multi Commodities Centre Authority (DMCC) and offers residents a premium community environment in a free zone with freehold apartments. Ahmed bin Sulayem, Executive Chairman of DMCC, said, "JLT was conceived as a mixed-use development catering to both businesses and residents with the promise of a superior quality of life with its world class infrastructure and living amenities."

Already at Cluster S are landscaping and walkways, promenade seating, and retail, surrounding one of the four lakes that will form the hub of activity at JLT. When the development is complete, some 140,000 residents will live there.

Today DMCC's headquarters and more than 2,000 local, regional, and international firms are located at JLT. State of the art facilities provide industry-specific support to DMCC member companies.

Since 2002, DMCC has provided 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. Resident companies of DMCC are offered highly attractive benefits under a free-zone status, including a 50-year guaranteed tax holiday, 100 percent business ownership and ownership of business premises, and a secure regulated environment.

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