DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has welcomed the first wave of commercial office tenants into its much-anticipated Uptown Tower as the business district expands to accommodate the high levels of FDI that Dubai continues to attract.
A total of 31 businesses will occupy Uptown Tower’s 22 floors of Grade A commercial office space, equal to 495,000 square feet. Multinational giants and leading organisations, namely Invisalign and Wellbred, are among the first set of tenants to move into the premium office space, with others including the Gemological Institute of America (GIA) and Hikvision set to move in during the third quarter of the year. Uptown Tower also welcomed a wide range of retail and F&B outlets including allday and Jones the Grocer.
Uptown Tower is the first tower to be built within DMCC’s Uptown Dubai district, which will comprise of seven mid-rise towers alongside two iconic supertall towers, including Uptown Tower. Once complete, it will redefine mixed-use developments in the region, boasting diverse retail and F&B offerings, luxury hotels, experiential living and a sustainable community.
Following a meet and greet tour led by, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The resounding success in attracting such influential entities reflects the significant international draw that Uptown Tower possesses and the value that DMCC adds to global businesses. Kicking off the handover process to our newest tenants is a milestone moment that marks an emphatic start to the Uptown Dubai journey.”
“Now home to over 23,000+ member companies, DMCC’s business district is the location of choice for global companies looking to expand into some of the world’s fastest-growing markets,” he added.
Uptown Tower adds to the overall capacity of DMCC’s business district as it continues to welcome record numbers of new businesses from markets across the globe. Following the best year on record in 2022, in which DMCC added 3,049 new members to its district, it also saw a strong H1 2023 performance, welcoming 1,456 new businesses to Dubai.
Global businesses within the commodities sector joined the DMCC ecosystem through Uptown Tower which reaffirms Dubai’s role as a major hub for global commodities trade, particularly for diamonds, hydrocarbons, and metals, as well as DMCC’s role in facilitating commodity trade flows.
Pritesh Patel, Senior Vice President and Chief Operating Officer, GIA, said: “The location of Uptown Tower coupled with the importance of Dubai as a centre in the global diamond industry makes DMCC an ideal location to open a GIA laboratory, allowing us to support our clients from around the world with our signature high quality offering. This is also supported further by the ability to custom design our own space at Uptown Tower, which has meant that we can leverage our advanced laboratory technologies to expand how we deliver consumer protection within the diamond industry more efficiently.”
Angelo Maura, General Manager Middle East, Align Technology, said: “We are excited to establish our regional operations at DMCC’s Uptown Tower, a premier and vibrant business hub at the heart of Dubai. The strategic location, modern infrastructure and advanced facilities on offer perfectly align with our commitment to excellence and vision of providing an exceptional customer experience through innovative digital dentistry technology. I am confident that being part of Uptown Tower will further strengthen our position in the market and our presence in the region, and we look forward to leveraging that.”
Ghazi Abulsaud, Chief Executive Officer, Wellbred, said: “The reputation of DMCC for fostering a dynamic business community and its alignment with our corporate values made Uptown Tower a compelling choice for our operational needs.
Its prime location coupled with providing access to a wide network of leading businesses, like-minded professionals and potential partners create a comprehensive ecosystem that nurtures collaboration and synergistic opportunities. Our new home at Uptown Tower will further support our commitment to optimising efficiency, deepening client engagement and tapping into new growth avenues.”
The addition of members such as Hikvision demonstrates DMCC’s appeal for global tech businesses given the strong tech community it has built across its district. It also highlights continued Chinese investment in the UAE as the two countries target USD 200 billion in bilateral trade by 2030. Today, DMCC is home to more than 750 Chinese companies, equating to well over 12% of all Chinese businesses registered in the UAE.
DMCC also recently began sales of its branded residences in Uptown Tower, SO/ Uptown Dubai Residences, with substantial number of units sold to date. The branded residences compliment the first soon to launch SO/ hotel in the Middle East, which covers 10 floors of the tower, fusing SO/’s archetypal French sophistication with the natural geometry of diamonds – a nod to Dubai’s status as a leading global trade hub for the precious stone.