Business & Finance Club - Dubai : Dubai Multi Commodities Centre (DMCC), the operator of the Jumeirah Lakes Towers (JLT), a fast growing free zone in Dubai, announced the completion of its 50th tower.

The completion of the commercial tower, Armada Tower P2 (Armada Tower), part of the Armada Group portfolio, completes the three tower mixed-use development, offering residential, commercial and retail facilities. Towers P1 and P3 were completed earlier in the year. Residential occupancy is already taking place and large number of retail shops have opened their doors to customers and businesses.

“The 50th tower is an important milestone towards making JLT the fully-fledged, mixed use community that we had envisaged back in 2002,” said Ahmed Bin Sulayem, executive chairman of DMCC.

“Over 60 per cent of the community has been completed. Today, DMCC member companies with licenses to operate their businesses in the JLT Free Zone total over 2,300, while the residential towers have upward of 90 per cent occupancies,” he added.

JLT is a mixed-use free zone in Dubai with freehold property options, and will have a total of 87 towers when fully operational. Almas Tower, the crowning centrepiece of the community, will be surrounded by 78 towers clustered in groups of three connected by four lakes and landscaped gardens, while eight towers will be located on the JLT embankment.