DIFC 2.0: Dubai ruler approves new plan for financial hub

Sheikh Mohammed backs new expansion plan which will see Dubai International Financial Centre adding 13 million sq ft of space

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Monday approved a new chapter in the development of the Dubai International Financial Centre (DIFC) with the launch of DIFC 2.0.

The DIFC’s phased growth plan will triple the scale of the financial hub, adding a total of 13 million square feet of space, state news agency WAM reported.

Essa Kazim, Governor of DIFC, briefed Sheikh Mohammed on the DIFC 2.0  plan which aims to provide an international focal point for FinTech and innovation, enhancing the DIFC’s reputation as one of the world’s most advanced financial centres.

The development of DIFC 2.0 will commence immediately and will be completed in several stages, WAM said.

Upon completion, the new district will comprise 6.4 million square feet of office space, 2.6 million square feet of creative space, 1.5 million square feet of residences, 1.3 million square feet of retail space and 700,000 square feet devoted to leisure and entertainment.

This will be complemented by a financial campus covering approximately 400,000 square feet, an additional 250,000 square feet of hospitality offerings, and 3.5 million square feet of car parking space.

Sheikh Mohammed said that Dubai is working towards cementing its position as a pivotal economic and commercial hub for the region in line with the Fifty-Year Charter recently announced.

He said that developing the financial sector is a priority that supports the economic future of Dubai, and further enhances investor confidence.

Sheikh Mohammed added: “The financial sector remains one of the cornerstones of our economy. We are keen that the development of infrastructure is matched by the development of legislation by continuously reviewing it to ensure it is among the best in the world and that it can facilitate the best environment for supporting greater excellence and achievement.

“The next phase requires the introduction of the latest technologies that can support the growth of various business sectors. We are not only trying to meet the requirements of the present time but also be a major contributor to shaping the future of the world’s economy and positively influence greater well-being for the world. We are confident that Emiratis will be successful in achieving this strategic objective.”

Kazim said: “Looking ahead, we are excited to continue working alongside our vibrant community, which includes some of the most prominent global financial institutions, to evolve our offering and to support the development of the financial services industry across the MEASA region.”

DIFC boasts more than 22,000 professionals working across over 2,000 companies.

If you are a Financial Services organization considering entering the UAE market, check out our website for more information on how to get setup in the leading financial center of the Middle East: The DIFC.

Source: Arabian Business