Dubai-based commodities freezone DMCC announced on Monday that it is partnering with Danube Properties to launch a new twin-tower residential project in its Jumeirah Lakes Towers (JLT) district adjacent to Uptown Dubai district.

The 65-storey development will contain 1,200 new residential units with a built-up area of 1.7 million square feet and a development value of approximately $545 million (2 billion UAE dirhams).

Previously, in January 2024, DMCC and Danube partnered to project Viewz twin-tower projects in Cluster K with a development value of AED1.4 billion ($381mln).

In 2023, DMCC partnered with five property developers to bring six commercial and residential real estate projects to its JLT and Uptown Dubai communities. The Freezone currently accounts for 11 percent of the Foreign Direct Investment (FDI) in Dubai.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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