The Dubai Multi Commodities Centre (DMCC), the master developer of Jumeirah Lakes Towers, said it will be building a new business park with the centerpiece being the world's tallest commercial tower.
The DMCC Business Park, comprising 107,000 square meters of commercial and retail space, and the world's tallest commercial tower, are currently in the concept design phase.
No details were given on the height, location or when work will commence on the tower.
Taipei 101 in Taiwan is currently the tallest commercial tower in the world. It was completed in 2004 and is 508 meters high with 101 floors, according to Council of Tall Buildings and Urban Habitat (CTBUH).
One World Trade Center in New York City, US, will become the tallest commercial tower in the world in 2014. It will be 541 meters high with 104 floors. Ping An Finance Center in Shenzhen, China, will take over the top slot in 2016. It will 660 meters high and will have 115 floors.
Al Hamra Tower in Kuwait City, 413 meters high with 80 floors, is the tallest commercial tower in Middle East.
Almas Tower in Dubai is placed second on the regional list. Completed in 2008, the 68 storey tower is 360 meter high. Placed third on the list is Emirates Tower One in Dubai. The 355-metre-high tower was completed in 2000 and has 54 floors, according to CTBUH.
Dubai, however, is home of Burj Khalifa (828 meters), the world's tallest tower, Princess Tower (414 meters), the world's highest residential tower; JW Marriott Marquis (355 meters), the world's highest hotel and Cayan Tower (310 meter), the world's tallest tower with a 90-degree twist.
Emporis data reveals Dubai has 1,881 tall buildings of which 856 exist, 627 planned, 355 under construction, 42 unbuilt and one demolished. Overall, there are 909 high-rises and 448 skyscrapers.
Ahmed bin Sulayem, Executive Chairman of DMCC, said: "The world's tallest commercial tower and the DMCC Business Park are the next natural steps to ensure we continue to welcome companies to the free zone as demand grows – particularly large regional corporations and multi-nationals – in the near future. The initiative is designed to further strengthen Dubai's position as the global hub for commodities trade and enterprise."
DMCC has not had any external debt for several years, according to Islam Zughayer, managing director and head, Berenson MENA, an investment banking firm with offices in New York, Dubai and Kuwait.
"Prudent fiscal management and focused leadership have allowed DMCC to maintain a healthy balance sheet that can support a project of this magnitude," said Zughayer.
In 2005, DMCC launched a ground breaking gold sukuk, raising $200 million to help finance the construction of its commercial towers.
With 65 mixed-use commercial and residential towers and over 180 retail outlets in operation, there are currently over 65,000 people working and living within the JLT development.