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21-650: The Dubai Multi Commodities Centre  ( DMCC ) is a commodities exchange and free-trade zone in the United Arab Emirates . It is located in the Jumeirah Lake Towers district of Dubai . The DMCC was created in 2002 and deals in four main sectors: precious commodities (e.g., gold, diamonds); energy; steel and metals and agricultural commodities (e.g., tea, cotton). In August 2020, the Investment Corporation of Dubai ,

42-646: A sovereign wealth fund , became the parent company of the autonomous DMCC as part of a major restructuring . On the 1 May 2002, Crown Prince Mohammed bin Rashid Al Maktoum issued a royal decree to establish the Dubai Multi Commodities Centre (DMCC) as a center for commodities trading . Further regulations were issued through decrees that clarified the DMCC's status as an independent authority and exempted companies operating in

63-511: A central park. There are 68 towers and the 200-hectare development currently comprises approximately 180,000 sq/m of commercial, residential and retail space. Almas Tower , the headquarters of DMCC, was completed in mid-2008, is the world's 31st tallest structure. The 68-floor building houses around a thousand diamond companies, diamond vaults, a diamond trading floor, and the Almas Conference Centre (ACC). DMCC's 2017 plan for

84-491: A police station, a civil defense station, a hospital and other facilities. There are two available Dubai metro stations along the site: Sobha Realty (previously Dubai Marina) and DMCC (previously Jumeirah Lakes Towers) stations. On January 18, 2007, two workers were killed and at least 40 injured when a fire broke out in the Fortune Tower, which was under construction at the time. The Fortune Tower's construction

105-644: A popular mixed-use community, according to Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC . Most construction workers were from the Indian subcontinent . JLT is accessible via two metro stations - DMCC and Sobha Realty . Both of these are on the Red Line of the Dubai Metro . Cluster Z is planned to be a single mixed-use development instead of the three towers per cluster for

126-690: Is 66 floors. The tallest tower and the centerpiece of the entire complex is Almas Tower which is situated on its own island between Lake Almas West and Lake Almas East. The completion of Saba Tower in December 2006 marked the first tower to be completed in Jumeirah Lakes Towers. The majority of construction took place in 2008. By April 2011, over 80 percent of the JLT towers were said to have been completed. As of June 2015 there were reported to still be 11 towers unfinished, either abandoned due to

147-516: Is located near Dubai Marina , Emirates Hills , Jebel Ali and Al Sufouh and borders Sheikh Zaed Rd. Jumeirah Lakes Towers on the Dubai map is located in the northwestern part of the city. The project is estimated to have a resident population of around 60,000 and a working population of another 120,000; it will include five children's playgrounds, three mosques, a 55,000 m (590,000 sq ft) park (reshaped from Lake Elucio in 2013–2014),

168-734: Is the Government of Dubai regulatory body for the DMCC. The DMCC Authority is headed by a Chief Executive and a Board of Directors. The Ruler of Dubai appoints the Board of Directors, and the Chief Executive is appointed by the Dubai Executive Council. DMCC, for which Jumeirah Lakes Towers (JLT) (Arabic: أبراج بحيرات جميرا) is the physical address, is a 200-hectare mixed-use free zone is grouped into clusters each comprising three tower blocks around three large lakes and

189-404: The 2009 crisis or still undergoing construction. The most prominent of these are Wind Tower 1 and Wind Tower 2 that are part of Cluster B and on Sheik Zayed Road . Wind Towers 1 and 2 have been under construction for more than 12 years. The towers in JLT proper are organized in 26 clusters of three named from A to Z, each cluster has its own parking structure and a retail waterfront. JLT Dubai

210-493: The DMCC launched the Middle East's first Google for Entrepreneurs Global Tech Hub with AstroLabs Dubai. In 2020, the DMCC underwent major restructuring. While previously acting as both a free zone and its own authority, the structure of the entity was changed, with the DMCC and DMCC Authority split into separate entities and the DMCC as a center was transferred to the control of the Investment Corporation of Dubai , and

231-617: The DMCC Authority was transferred under the control of the Dubai Executive Council as a full Dubai government department. DMCC Free Zone is the largest free-trade zone in the UAE, with more than 21,000 registered members as of 2022. In 2022, DMCC was named number one global free zone for an eighth consecutive year by the Financial Times fDi Intelligence magazine. DMCC supports commodity trading through organizations such as

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252-925: The Dubai Diamond Exchange (DDE), the Dubai Pearl Exchanges (DPE), DMCC Tradeflow, the Dubai Good Delivery Standard (DGD) for Gold, the DMCC Tea Centre, and the DMCC Coffee Centre. DMCC has issued first сrypto assets trading license for making over-the-counter transactions with cryptocurrencies at 26 May 2021 in order to develop the crypto industry in the United Arab Emirates. Until the moment trading operations with crypto currency were illegal in UAE. The DMCC Authority

273-901: The Uptown Dubai district includes more than 10 million square feet of commercial and residential space, more than 200 retail and F&B outlets, alongside 3000 residences, a central entertainment plaza and luxury hotels. List of commodities exchanges A commodities exchange is an exchange , or market, where various commodities are traded. Most commodity markets around the world trade in agricultural products and other raw materials (like wheat , barley , sugar , maize , cotton , cocoa , coffee , milk products, pork bellies , oil , and metals ). Trading includes various types of derivatives contracts based on these commodities, such as forwards , futures and options , as well as spot trades (for immediate delivery). A futures contract provides that an agreed quantity and quality of

294-706: The buyer from price rises. Speculators and investors also buy and sell these contracts to try to make a profit; they provide liquidity to the system. Some of these exchanges also trade financial derivatives, such as interest rate and foreign exchange futures, as well as other instruments such as ocean freight contracts and environmental instruments. In some cases these are mentioned in the lists below. See List of futures exchanges#Major derivatives exchanges . Main commodity exchanges worldwide: "Cashmere, Wool, Livestock, Grain, Meat, Leather" Jumeirah Lake Towers Initially JLT had four lakes (Lake Almas West, Lake Almas East, Lake Elucio, Lake Allure) but in late 2012

315-726: The cause of the blaze found that burning welding material set alight wooden parts of an area of scaffolding. JLT includes the Al Seef Towers , a group of three apartment buildings. One of these, the Tamweel Tower, was gutted by fire in November 2012. The tower was repaired by the end of 2016. On April 22, 2018, a fire broke out in Almas Tower and all residents were evacuated. No injuries were reported according to Dubai Civil Defence . Jumeirah Lakes Towers has become

336-403: The commodity will be delivered at some agreed future date. A farmer raising corn can sell a futures contract on his corn, which will not be harvested for several months, and gets a guarantee of the price he will be paid when he delivers; a breakfast cereal producer buys the contract and gets a guarantee that the price will not go up when it is delivered. This protects the farmer from price drops and

357-414: The developer of JLT, DMCC , announced that lake Elucio would be drained and a 55,000 m (590,000 sq ft) park would be created instead. Subsequently, Lake Allure has been renamed to JLT Lake. The total area covered by the lakes, waterways and landscaping is 730,000-square-metre (7,900,000 sq ft). The towers range from 35 to 45 floors, except for the centerpiece ( Almas Tower ), which

378-575: The free-trade zone from taxes, customs duties and regulations of the Dubai Municipality . Further regulation were issued on 22 March 2003 Rule 1 of 2003 (PDF) (in Arabic). 22 March 2003. that clarified the president of the DMCC must be appointed by the Ruler of Dubai and could then appoint a Chief Executive Officer and members of the Board of Directors. The law expanded the mandate of

399-418: The free-trade zone to establish any other agencies or companies it might need to run the free-trade zone and support companies operating there, including recruitment of personnel, and obtaining financial loans and assistance from banks. The Dubai Diamond Exchange (DDE) was established in 2004 to facilitate the development of the diamond and coloured gems market. Dubai ranks third behind Antwerp and Mumbai in

420-765: The leading global diamond hubs in terms of trade, growing from $ 300 million (Dh1.10 billion) in trade in 2002 to $ 26 billion in 2016. The Dubai Pearl Exchange (DPE) provides facilities for traders in pearls and holds events like the World Pearl Forum. In early 2011, DPE held the first pearl auctions outside of the Far East . In 2012, the DMCC launched its own financial products, such as the Dubai Commodity Asset Management (DCAM), Dubai Shariah Asset Management (DSAM), DMCC Tradeflow, and Dubai Gold & Commodities Exchange (DGCX). In 2018,

441-426: Was delayed for several months. In addition, there was a smaller fire reported at the reception area of Tamweel Tower in the U cluster. The only reported injury was an infant who was taken to the hospital to be treated for minor smoke inhalation. At 12.30 pm on 18 January 2007, a fire broke out on the upper storeys of the 34-storey building, billowing plumes of thick black over Dubai's skyline. An investigation into

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