Schlumberger acquires three floors at Trade Centre District

Energy services giant Schlumberger has become the first 'free zone company' to be licensed under the Dubai World Trade Centre (DWTC) Authority.

This paves way for the company to occupy 5,762 square metres — across three floors — in the newly completed office building at Dubai Trade Centre District (DTCD). This is on top of what Schlumberger already leases at its other locations in Dubai.

''Dubai has been Schlumberger's Middle East headquarters for 35 years,'' said Marwan Moufarrej, president of the US company's Middle East operations.

''And over the years we have expanded our footprint here with facilities in DWTC, Jafza [the Jebel Ali Free Zone Authority] and in the DIFC [the Dubai International Financial Centre]. Today, we are cementing this partnership by registering ourselves as the first free zone company in this free Zone and signing the first long-term lease in the new office property in DTCD,'' Moufarrej said.

Pre-letting at the DTCD office building is already at 70 per cent-plus.

''To have Schlumberger as our first blue-chip anchor tenant in our office property is a further catalyst to the property,'' said Gurjit Singh, senior vice-president for Real Estate at the Dubai World Trade Centre.

''This will also bode well for the 588-room business hotel in DTCD operated by the Accor Group under the Ibis brand, due to open early next year, and the on-going development of DTCD Phase 2.''

The second phase comprises two more Grade A office properties of 8- and 12 storeys, set for completion in the third quarter of 2017.

Did you know that the office market is stabilising

Source: Staff Report,


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