New District to be Developed near JLT Dubai
- DMCC plans to develop a new business and residential district of over 10 million square feet near the JLT area, called Uptown Dubai
- Construction works in the area, adjacent to JLT and formerly known as Burj2020 District, has started for phase 1, which will span more than 2 million sq ft
- The project will include commercial spaces, residential areas, over 200 retail and food & beverage outlets, and luxury hotels
- DMCC will commence off-plan sales for the residential properties in the first quarter of 2018
- The Dubai Multi Commodities Centre (DMCC) was established by the Government of Dubai in 2002
- DMCC is a body that provides Dubai the infrastructure required to make it a hub for global commodities trade
- The total value of real estate transactions in Dubai reached AED 132 billion in the first half of 2017, compared with AED 113bn in the year-earlier period
- The total number of real estate transactions in 2017 rose by 25.9% to 35571, from 28251 sales in 2016
- Palm Jumeirah, Business Bay, Burj Khalifa and Dubai Marina are the frontrunners in terms of sales in the Dubai real estate market
