Construction of worlds tallest commercial tower due to begin next year
The Dubai Multi-Commodities Centre (DMCC) is still considering various methods of financing the construction of its Burj 2020 tower, which is set to be the tallest commercial building in the world once completed.
The DMCC raised a gold $200m sukuk (Islamic bond) in 2005 to finance the centres first building, the Almas tower. This sukuk was the first of its kind as it allowed for repayments to be made with physical gold. The issuance has now been repaid.
Speaking at MEEDs Destination Dubai 2020 event, held in Dubai on 28 January, Ahmed Sultan bin Sulayem, executive chairman of the DMCC, said: We are in a better position than before and have many different ways of financing [the project] and we are finding a way to make the most of the financing.
DMCC is currently looking for a consultant to work with on the scheme and Bin Sulayem told delegates that construction work on the tower is due to begin next year.
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