Sheikh Mohammed approves DIFC's new expansion plan
Sheikh Mohammed also praised the achievements of DIFC that helped Dubai become one of the leading financial centres in the world.
By Staff Reporter
Published: Mon 7 Jan 2019, 10:00 PM
Last updated: Tue 8 Jan 2019, 7:54 PM
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai 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 by him, that aims to ensure Dubai's sustained prosperity and accelerate the development journey of the emirate, the UAE and the region.
Sheikh Mohammed said that developing the financial sector is a priority that supports the economic future of Dubai, and further enhances investor confidence, given the vital contribution it makes to Dubai's economy mainly through the Dubai International Financial Center (DIFC), which provides a growth platform for major international financial institutions.
He also highlighted the role of DIFC in supporting the Eight Principles of Dubai set by the Dubai Ruler himself, mainly the one related to the emirate's position as a business capital and a hub for international investment. "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," Sheikh Mohammed said.
Sheikh Mohammed also praised the achievements of DIFC that helped Dubai become one of the leading financial centres in the world. "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 towards 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," he said.
Sheikh Mohammed's remarks came as he approved a new chapter in the development of the Dubai International Financial Centre (DIFC) with the launch of DIFC 2.0. The Centre's phased growth plan will triple the scale of the leading financial hub in the Middle East, Africa and South Asia (MEASA) region and enable DIFC to drive the future of finance.
The development of DIFC 2.0 will commence immediately and will be completed in several stages. 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.
DIFC, the largest international financial hub in the MEASA region, boasts of more than 22,000 professionals working across over 2,000 companies in the district, including the leading regional and global players in the financial services industry.
DIFC 2.0 is an extension of the existing jurisdiction, with direct connections to Dubai's public transport networks. Embracing a pedestrian lifestyle, the next phase is set apart from conventional city living with underground service paths allowing for the free movement of bikes, pedestrians, cars and smart transportation.
With sustainability remaining a priority for the centre, the new development will introduce open green spaces that bring together an innovative community within a natural and sophisticated business environment.