Dubai: The dual licensing option offered to companies is proving to be just the fuel needed for demand in Dubai’s premium office space to burn brighter. The offices at One Za’abeel sure is feeling that momentum.
“When DWTC had its free zone expansion, it meant tenants could get a dual license for the mainland operations and a free zone one,” said Henry Mathews, Director – Leasing at One Za’abeel. “We had the strategy in place for our tenants (seeking the dual license status) and that means we’re running ahead of targets on office leasing.”
The One Za’abeel, holder of a Guinness World record entry for its tallest cantilever connecting the two towers, has offices spread over 17 floors and offering 300,000 square feet of leasable area. It had entered the leasing market in March last and has clearly benefited from the surge in demand for premium office addresses in the city. In much the same way that the ICD Brookfield Place in DIFC and the Uptown Tower in JLT had done when their spaces went into leasing.
The UAE's dual licensing scheme has opened up new opportunities for free zones and mainland companies. What this does is allow companies to take a single license and operate in both jurisdictions. For a new generation of companies in the digital space and into crypto assets and the like, these dual licensing schemes have come in handy.
More to follow…
