Urban planning, Dubai International Financial Centre (DIFC)., Dubai

Dubai ruler reveals expansion plans for Dubai's financial district

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, Arabian Business reported. 

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.

DIFC 2.0  plan 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.

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