Dubai: Jumeirah Lakes Towers (JLT), a 79-tower cluster of residential and commercial properties, has become a free zone, marking the creation of the first mixed-use free zone development in Dubai.
Nakheel, the developers of the 200-hectare real estate development that hosts 79 towers adjacent to Shaikh Zayed Road in the heart of 'new' Dubai, had announced yesterday the details of the regulations governing activities in the project along with a new brand identity.
Ahmad Bin Sulayem, general manager of JLT, told Gulf News that the free zone development will also be a freehold project.
"Dubai's Land Department confirmed that the owners of the units will enjoy full freehold rights announced in Dubai's property law issued in March 2006," said Bin Sulayem.
He did not mention an exact number for the total investment of the project.
"Many developers are taking part in the project, the cost is changing from one tower to another, and every developer has its statistics," he added.
JLT is expected to cater to the broadest range of knowledge businesses in the emirate, and will include offices, hotels, restaurants and leisure facilities in addition to residential towers.
The project is expected to be completed by the end of 2008.
"We have taken extensive care to ensure that major infrastructure services are substantially complete.
The lateral service that runs to each of the plots is in progress and in line with the priorities for each of the towers," said Bin Sulayem.
The Dubai Multi Commodities Center Authority will be providing government services of company registration, licensing and immigration services to tenants/residents of JLT for the development.