Beautification of JLT on course

Dubai: The majority of infrastructure and landscaping will be completed in the Jumeirah Lake Towers freezone this year, according to Malcolm Wall Morris, CEO of the Dubai Multi Commodities Centre Authority (DMCC).

"We're moving on from the sewerage and lake works and we're now on a process of beautification. With retail space filling up, the café culture is starting and people [are] beginning to live in the freezone the way it is designed," Morris said.

The master development has completed 53 towers and 13 towers are still under construction. An additional two hotels will also be completed in the next two years.

"JLT is one of the fastest growing freezones in the UAE and is moving into a more established phase of its development," Ahmad Bin Sulaiman, executive chairman of DMCC, said.

By the end of last year, JLT had 2,642 companies and approximately 15,000 residents.

On target

According to the DMCC, JLT grew over 40 per cent last year in terms of companies registering in the community. A total of 725 companies were registered in December alone.

According to Morris, they are averaging 60 companies a month and are on target to register another 80 companies in January.

"We're seeing the growth accelerate as our enhanced licensing and registration procedures are implemented. "In the last year, 90 per cent of registrations that took place took two weeks," said Morris.

Other key improvements in the process for registration and licensing is the launch of a reduced share capital requirement for many trade and service companies — a virtual office options for small or start up business and a simplified e-application process. Also, as commodity companies register, other similar companies are wanting to be located next to them," Morris said.

Out of the new companies that have recently registered and are operating in the free zone, 85 per cent are new entrants to Dubai.

"We're seeing new company people who wish to come to Dubai and use the JLT freezone as a place to do business. This is a good barometer of how Dubai is doing," Morris said.

JLT currently enjoys an average of 50 per cent occupancy across its different buildings. However, according to the latest Jones Lang Lasalle Real Estate market overview, the current oversupply situation in Dubai's office market is likely to continue.
Gulf News