DMCC sells 75pc of its jewellery making units

DUBAI - Dubai Metals and Commodities Centre (DMCC) has sold 75 per cent of its jewellery manufacturing units in the first two days since the opening of sales. More than 50 per cent of the units were sold out on the first day, DMCC said.

By A Staff Reporter

Published: Mon 28 Apr 2003, 5:45 PM

Last updated: Wed 1 Apr 2015, 7:45 PM

"The response was really phenomenal. As soon as we finished presenting the information to the trade, there was a rush of people to make their bookings. Within hours, we had sold out over 8,000 square metres," said Tawfique Abdullah, CEO of DMCC. The manufacturing units will start construction in August 2003, and will be completed in the fourth quarter of 2004. "We were overwhelmed with the response. Our research had indicated a great deal of interest in the manufacturing units, due to the industry clustering and special facilities available, combined with the extremely competitive pricing. We were also glad that Dubai Islamic Bank joined us to offer potential manufacturers an attractive financing scheme," he added.

DMCC will offer resident manufacturers benefits including a secure regulated environment, special freight rates, a fifty-year tax holiday and the benefit of ownership of business premises. Hareesh Pahuja of Finja Goldsmiths, who bought an entire floor comprising 10 units said: "This is an extremely exciting opportunity as it means that we will have an entire complex dedicated to the needs of the industry, which will make our operations very smooth. The facilities will be modern and purpose-built, and completely hassle-free."

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