The Dubai Multi Commodities Centre (DMCC) is positioning its Uptown Dubai development as the culmination of a two-decade strategy focused on building infrastructure to meet proven international demand, rather than engaging in speculative construction. This approach, first established with the creation of Jumeirah Lakes Towers (JLT), has been central to DMCC’s growth into a major global trade hub.
More than 20 years ago, JLT was designed as an ecosystem for the world’s rapidly expanding commodities markets. Financed by a private sukuk, the sale of its initial commercial towers, Almas, Silver, and Gold, secured DMCC’s financial independence. This self-funded model remains unique among Dubai’s free zones.
Today, JLT has evolved into a mixed-use community with over 100,000 residents and workers. DMCC itself accounts for 15 per cent of Dubai’s foreign direct investment and has been named the world’s top free zone for nine consecutive years. This sustained growth created the demand that led to the development of Uptown Dubai.
A Vision Vindicated
The executive chairman and chief executive officer of DMCC recalled that consultants initially advised against a project of Uptown Dubai’s scale, arguing there would not be enough demand. He noted that this perspective failed to grasp DMCC’s position as a global centre for diamonds, gold, crypto, and technology.
The success of the district’s first skyscraper, Uptown Tower, serves as a testament to this conviction. The mixed-use building, with a 40/60 split between a hotel and commercial office space, is fully leased. The CEO remains convinced that if all 75 storeys were dedicated to offices, they would also be fully occupied. The development features LEED Gold-certified buildings, water-saving initiatives, and a dog-friendly policy to foster an integrated community.
More Than Scale
Uptown Dubai, which includes Uptown Tower, the Atrium, and the twin-tower Mercer House by Ellington Properties, will be anchored by Burj 2020, set to become the world’s tallest commercial building. However, stakeholders argue that focusing on its height misses the project’s true purpose.
Ismail Al Hammadi, a local entrepreneur and real estate investor, noted that the real story is a shift away from pure scale towards a more intentional approach. “It’s a move that prioritises the quality of the real estate and the functionality of the commercial spaces, built specifically to serve the needs of businesses,” he said.
This sentiment is shared by other developers. Maher Sweid, managing partner of Sweid & Sweid, confirmed his firm’s confidence in DMCC with an AED 1 billion pipeline of commercial developments in the zone. Joseph Thomas, co-founder of Ellington Properties, added that Uptown Dubai is a “bold reimagining of how communities can be built around people as much as around business.”
Building for the Future
DMCC’s strategy of building for specific demand continues with the recently announced Crypto Tower. The 17-storey building will provide a purpose-built hub for blockchain and Web3 companies, with dedicated floors for incubators, venture capital firms, and AI innovation.
From its first towers to the upcoming Crypto Tower, DMCC maintains that every development has been a deliberate step towards creating a self-sufficient ecosystem. Uptown Dubai is presented as the next evolution of this philosophy, designed for a world where business, technology, and community are seamlessly intertwined.