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Dubai: The Dubai International Financial Centre (DIFC) has finalised a Dh200 million expansion plan which includes a commercial building and more than 150 retail units, DIFC officials said on Wednesday.
The tender process will begin in August this year, with the projects set for completion in 2017. The new commercial building, Building 11 will located in Gate Village.
The new retail development will link all the major DIFC buildings, providing space for retail units. Both projects will be built using cash already available on DIFC’s books.
“We don’t need to raise new funding for these two projects. It will be completed with cash available with us,” Eisa Kazim, Governor of the DIFC and Chairman of the DIFC Authority, said.
In early November, DIFC Investments raised $700 million (Dh2.57 billion) sukuk. The part of the proceeds from the sukuk were used to settle bank loans.
Kazim confirmed that the Investment Corporation of Dubai (ICD), the sovereign wealth fund controlled by the Government of Dubai, had acquired land from the DIFC to develop commercial space within the DIFC district.
ICD and Canadian asset manager Brookfield are reportedly planning to build a $1 billion development which includes a 50-storey office tower, a hotel and retail outlets. The project is expected to be completed in 2018.
“The ICD project is a third-party development and the DIFC is not directly involved in the project,” Kazim said.
In 2014 the DIFC added a total of 282,000 square feet of office space. During the year the Centre reported 100 per cent occupancy in both property directly owned and or managed by it.
Source: Babu Das Augustine, Banking Editor