Uptown Dubai: Built To Meet Demand, Not Speculation

Since its inception, DMCC has been defined by a singular purpose: to build, enable, and connect. When Jumeirah Lakes Towers (JLT) was first conceptualised over 20 years ago, the goal was not to construct a skyline of empty towers but to create a thriving ecosystem for trade and enterprise.

As a result, the community was built to meet the demand of the world's rapidly developing commodities markets, as opposed to the typical route taken by most property developers, which is to speculate. This principle has been foundational to DMCC's growth story, and is evident in JLT as it is in Uptown.

The foundations of DMCC were laid with a bold and visionary approach via the construction of its first commercial towers, namely Almas, Silver, and Gold. With funding raised by a private sukuk, the resulting sale not only secured its financial independence but also demonstrated its commitment to creating sustainable, self-funded growth. As a statement of intent, DMCC became the first, and remains the only free zone to pull itself up by its own bootstraps to meet the uncompromising vision of Dubai.

Over the past two decades, both JLT and DMCC have undergone profound transformations. What began as a collection of high-rise commercial buildings has matured into a mixed-use community of over 100,000 residents and workers, becoming a destination with a distinct and palpable soul, most evident in its culinary landscape. At the same time, DMCC's success, not only as a nine-time consecutive free-zone of the year winner, but also being responsible for 15 per cent of Dubai's foreign direct investment (FDI), has meant a duty to continue its growth, culminating in the development of Uptown Dubai.

I still recall the advice from consultants who suggested we should not proceed with a project of this scale, arguing there would not be enough demand to fill it, however, like many other speculators, they were looking at the market through an outdated lens. Having failed to grasp DMCC's unique position as a leading global hub for diamonds, gold, crypto, tech, and energy, we knew that the demand was not only there, but growing exponentially. The success of Uptown Tower is a testament to this conviction. As a mixed-use tower with a hotel and commercial office space in a 40/60 split, I remain convinced that if all 75 stories of Uptown Tower were offices, it would be fully leased out. A key element of its design is its connectivity and accessibility, with multiple entrances and a dog-friendly policy that reflects our commitment to creating a modern, integrated community. Uptown Dubai is also a leading example of how luxury and sustainability work together, with its LEED Gold-certified buildings, innovative water-saving initiatives and commitment to reducing its carbon footprint making it a model for responsible development.

Comprised of Uptown Tower, the Atrium, and Mercer House, a luxury twin-tower development by Ellington, Uptown is anchored by what will become the world's tallest commercial building, the Burj 2020. I've often heard people get caught up on the numbers, the height, and its super-tall designation, however, as local entrepreneur and real estate investor, Ismail Al Hammadi, recently noted, that focus misses the point.

“Look at DMCC's presence on the global stage and you'll see a clear picture of its success. From being present at major international events to attracting attention for its groundbreaking projects, its influence is real. This is a reflection of genuine demand, and the proof is in the details. There's high office occupancy rates and a steady stream of new developments that continue to highlight Dubai's appeal as a hub for global business.

Take the Burj 2020 project - the second supertall tower to crown Uptown Dubai's skyline. The real story here isn't the one everyone focuses on-its record-breaking height. That's a distraction from the project's true purpose. What sets it apart is a new kind of thinking, a shift away from pure scale and toward a more integrated and 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. This new focus is exactly what's capturing the attention of international investors and is a powerful indicator of where DMCC is moving towards.”

This new kind of thinking is precisely what defines DMCC's approach. The location of Uptown Dubai, and the Burj 2020 was strategically chosen for its proximity to both Dubai and Abu Dhabi, as well as the new mega airport at Al Maktoum International (DXB). A fifteen-minute drive away, this new aviation hub will be a global game-changer, while the building's panoramic viewing deck will offer breathtaking views of the city and a vantage point to see the future of trade unfold. Fortunately, this confidence is shared by several of the UAE's leading property developers, including Maher Sweid, Managing Partner of Sweid & Sweid who commented,“We have strong confidence in DMCC's continued trajectory as a destination of choice, and are advancing on our AED 1 billion pipeline of commercial developments within the zone - led by our flagship office development, Sweid One. Consistent feedback from multinational corporate occupiers points to sustained demand; driven by DMCC's strategic location and its business-friendly approach.”

Joseph Thomas, Co-Founder of Ellington Properties also commented,“Uptown Dubai is not just a landmark development, it is a bold reimagining of how communities can be built around people as much as around business. DMCC's vision goes far beyond creating iconic towers, it is about shaping a global hub where living, working, culture, and lifestyle are seamlessly integrated. That is what makes Uptown so unique, and why it resonates so strongly on the international stage.

Anchored by the iconic Burj 2020, the district is defined not by scale alone, but by purpose - shaping a vibrant community that meets real demand and reflects Dubai's ambition on the world stage.

We are proud that Mercer House will be part of this transformative development, contributing our design-led approach to a district that sets new standards for urban living, connectivity, and community.”

Looking to the future, DMCC's commitment to building in line with demand is exemplified by the recent announcement of the Crypto Tower. Reaching 17 storeys, this new landmark will provide a purpose-built hub for our burgeoning community of blockchain and Web3 companies, further cementing Dubai's role as a global leader in emerging technologies. The building will offer nine office floors, as well as specially dedicated floors for blockchain incubators, VC and investment firms and AI innovation.

Every development, from our initial towers to the Crypto Tower, has been a step towards creating a robust, visionary, and self-sufficient ecosystem. We didn't build to attract; but to meet demand, and as a result, every individual and company that has invested in JLT and now in Uptown Dubai has seen a return, not just in capital, but in the opportunity to be part of a dynamic, forward-looking community.

Uptown Dubai is the natural evolution of this philosophy. It is a district built for a world where business, technology, and community are seamlessly intertwined, while standing as a testament to our ongoing mission: To build communities that are not just speculative, but tangible, prosperous, and built on the foundation of real demand.

The writer is the Executive Chairman and Chief Executive Officer of DMCC.

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