The development, focused on providing commercial office space, will have as its centrepiece the world’s tallest commercial tower, the ‘Burj 2020′.
The masterplan aims to create an “efficient and vibrant” urban business destination and will also include transport and traffic flow solutions, a statement said.
Ahmed Bin Sulayem, executive chairman, DMCC, said: “The masterplan design competition is the next natural step of the development… Smart solutions will be a principle feature of our new development, affording higher levels of efficiency and urban sustainability.
“The availability of highly efficient, purpose built commercial office space suitable for multi-national companies is in short supply. DMCC is committed to filling this gap.”
DMCC announced a 107,000 sqm freezone expansion plan in July 2013, which included new retail space, commercial space, a hotel, sports facilities, park areas and a multi-storey car parking. It also revealed plans to build the world’s tallest commercial tower as part of the expansion.
The tower, which was named ‘Burj 2020’ in November 2013 following Dubai’s Expo 2020 win, is expected to house a 360-degree observation deck on the topmost floor. Its height is not yet known.
The overall development will provide benefits such as single ownership, contiguous commercial office space and proximity to metro stations, cargo facilities, ports and airports, said DMCC.
The ground breaking for the district is planned for 2015, and the tower is expected to be completed by 2019 or 2020.
“We are going to create the optimal environment for trade and enterprise with a commercial district that brings together retail, residential, business and lifestyle services,” said Bin Sulayem.
“It will also increase tourism, attract more international investors to the region, as well as becoming a major hub for multi-nationals enabling these businesses to grow, innovate and trade, which again impacts positively on Dubai’s GDP.”
The DMCC freezone in Dubai includes 66 mixed-use commercial and residential towers and over 220 retail outlets, with over 8,700 member companies and 85,000 people. An average of 200 companies join DMCC each month and it has a 94 per cent retention rate.