Gate Avenue, The Exchange Building to open in H1 2018

 

Gate Avenue, The Exchange Building to open in H1 2018
The Dh1-billion Gate Avenue (Supplied photo)

Published: Wed 16 Aug 2017, 4:56 PM

Last updated: Wed 16 Aug 2017, 7:12 PM

The Dubai International Financial Centre (DIFC) on Wednesday said its two new buildings costing a total of Dh1.18 billion will open doors for tenants in the first-half of next year, also boasting over 99 per cent of occupancy in existing DIFC-owned buildings.
Spread over 660,000sqft, the Dh1-billion Gate Avenue will be linking the entire developments within the free zone and is slated to open in the second-quarter [of 2018], housing over 200 food and beverages, boutique, retail and fashion brands.
While The Exchange Building, which will house Nasdaq Dubai stock exchange and offices, will open in the first-quarter.
In addition, the free zone will also upgrade roads and infrastructure for smooth flow of traffic as footfall is expected to increase with the opening of new offices and retail outlets.
"Gate Avenue is more than a retail development, it's a connecting hub for the entire district. It's like other retail concept you want to see in Dubai. When Gate Avenue at DIFC is finished every building that exists on this masterplan will be linked to it. In terms of traffic of footfall, it's going to see quite a lot. However, we are not competing with other players the emirate," said Nabil AlKindi, DIFC's Chief Real Estate Officer.
Commenting on The Exchange, he said occupancy is looking good with more than 50 per cent already leased out.
The DIFC recently announced that the number of active licensed companies within the hub increased 6.2 per cent to 1,750 in the first half of 2017. The number of regulated financial institutions has increased to 463 while the DIFC workforce increased to 21,628 in the first half.
AlKindi said: "As of now, we are developing nearly 16 per cent of our entire 25 million GFA (gross floor area) within the DIFC. What has been built is 51 per cent and the remaining is going to come as part of our 2024 plan. We have a vision for that. We have left 11 per cent for the greenery, common areas and public areas. While the remaining development on 7.5 million GFA to be built. It's part of our 2024 plan to build the remaining area that we'll develop in stages."
"Our occupancy level is high, in terms of offices with more than 99 per cent [of DIFC-owned buildings] occupied as of today. And our rental is also different from Dubai market. Our rates are quite good because we provide something extra, it's niche area. In terms of real estate, we don't see any negative impact. We are doing well within DIFC. I don't think we've been impacted by the oil price," he added.
waheedabbas@khaleejtimes.com

By Waheed Abbas

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