New developments in Dubai financial centre

Current projects aim to make DIFC one of the world’s top financial hubsImage Credit: Supplied

A financial focal point for South Asia, the Middle East and Africa, the Dubai International Financial Centre (DIFC) is a platform linking the area’s markets with the economies of Asia, Europe and the Americas.

DIFC is currently witnessing new developments sprouting within its midst. A core element of its 2024 Strategy is the expansion plan which aims to triple its size by 2024 and make it one of the world’s top financial hubs. In parallel to the Dubai Plan 2021, the DIFC 2024 Strategy aims to boost DIFC’s strength as a local nucleus for Islamic financial services and legislation, and will support both Sharia-compliant services and products.

DIFC’s 11th office building, known as Gate Village Building 11, is slated to be finished by 2017. Facing the Jumeirah Emirates Towers, it will offer 160,000 square feet of office space with nearly 40,000 square feet set aside for eateries, restaurants and retail outlets. Once complete, it will showcase offices built on six floors and one floor that will cater to modern business centres. The restaurants and retail outlets will be located on the podium level, spanning across a landscaped piazza linking the outdoor area with the Gate Village podium.

One plan in the offing is a retail strip at the Central Park, a residential building that consists of over 400 apartments. The strip, which will host cafes, eateries and outdoor spaces for people to lounge around, aims to increase footfall in the area during the day and night. It will be developed in promenade style and will include 150 retail outlets expected to be ready by 2017.

Another development planned to be finished in 2018 is the ICD Brookfield Place to be built next to the DIFC cluster. The mixed-use project will include a 50-storey office tower, a hotel and several retail outlets.

With these developments, expect DIFC to be a much more sought-after business destination for global investors.

Handy Hints:

* DIFC’s infrastructure includes offices, hotels, art galleries, eateries

* The Gate Village Building 11 will offer both office and retail space

* ICD Brookfield Place will have a hotel, office tower, retail stores

Source: Saadiya Ahmad, Special to Properties

The writer is a freelancer


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