Sheikh Mohammed launches Dh100 billion-second phase of DIFC
Dubai took another step on Tuesday, January 27, towards its goal to rank among the world's top four financial centres as the emirate's Ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced the launch of the second phase of the Dubai International Financial Centre, Zabeel District."Our national economy is undergoing qualitative transformations. Our expansions aim to achieve major development leaps, and our future as a global economic hub is becoming more firmly established day after day," said Sheikh Mohammed, who is also UAE Vice President and Prime Minister.In a social media post, the royal clarified what the new mega project is set to include. It will feature an expansion of the DIFC Academy to serve 50,000 students annually, a digital economy innovation hub spanning one million square feet, capable of hosting 6,000 companies and 30,000 artificial intelligence specialists. Stay up to date with the latest news. Follow KT on WhatsApp Channels.It will also include an arts and culture centre, a conference centre, and world-class digital infrastructure to support financial firms.The project, which will have a total value ot Dh100 billion, will accommodate 125,000 professionals across 17 million square feet of gross floor area.Since its establishment in 2004, DIFC has evolved into a magnet for global financial institutions, innovators, and professional services firms. Its ecosystem blends legal and regulatory certainty with business agility, supported by three independent bodies: DIFC Authority, DFSA, and DIFC Courts.The financial hub expansion will be connected to the Dubai Loop, a projected underground high-speed transport network announced by Elon Musk and UAE authorities, and will be able to host flying taxis and autonomous vehicles.Major pushThe plans for the hub expansion are part of a major infrastructure and real estate push by Dubai, adding to another DIFC expansion set to be completed by the first quarter this year that will boost office space by 600,000 square feet.The Gulf's business and tourism hub, home to the world's tallest building, has seen a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms, with its population ballooning past the 4 million mark last year, according to government estimates.DIFC hosted more than 8,000 active registered companies as of the end of November, including hedge funds, whose number has more than doubled since 2024.When will the first phase be delivered?The project will be one of the biggest in the emirate, alongside a new metro line and a $35 billion expansion of the Al Maktoum Airport.The first phase is expected to be delivered in 2030 and will include six new office towers, two residential towers, a hotel and an AI Campus."The project will be supported through a combination of internal resources, future development revenues, and other financing structures as needed," the DIFC said.(With inputs from Reuters)Dubai rises as hub of choice for MNCs, family officesDIFC crosses 100 hedge funds, cementing its place among top global hubsOSON establishes DIFC headquarters to build a digital financial corridor between central Asia and MENA
Dubai took another step on Tuesday, January 27, towards its goal to rank among the world's top four financial centres as the emirate's Ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced the launch of the second phase of the Dubai International Financial Centre, Zabeel District.
"Our national economy is undergoing qualitative transformations. Our expansions aim to achieve major development leaps, and our future as a global economic hub is becoming more firmly established day after day," said Sheikh Mohammed, who is also UAE Vice President and Prime Minister.
In a social media post, the royal clarified what the new mega project is set to include. It will feature an expansion of the DIFC Academy to serve 50,000 students annually, a digital economy innovation hub spanning one million square feet, capable of hosting 6,000 companies and 30,000 artificial intelligence specialists.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
It will also include an arts and culture centre, a conference centre, and world-class digital infrastructure to support financial firms.
The project, which will have a total value ot Dh100 billion, will accommodate 125,000 professionals across 17 million square feet of gross floor area.
Since its establishment in 2004, DIFC has evolved into a magnet for global financial institutions, innovators, and professional services firms. Its ecosystem blends legal and regulatory certainty with business agility, supported by three independent bodies: DIFC Authority, DFSA, and DIFC Courts.
The financial hub expansion will be connected to the Dubai Loop, a projected underground high-speed transport network announced by Elon Musk and UAE authorities, and will be able to host flying taxis and autonomous vehicles.
Major push
The plans for the hub expansion are part of a major infrastructure and real estate push by Dubai, adding to another DIFC expansion set to be completed by the first quarter this year that will boost office space by 600,000 square feet.
The Gulf's business and tourism hub, home to the world's tallest building, has seen a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms, with its population ballooning past the 4 million mark last year, according to government estimates.
DIFC hosted more than 8,000 active registered companies as of the end of November, including hedge funds, whose number has more than doubled since 2024.
When will the first phase be delivered?
The project will be one of the biggest in the emirate, alongside a new metro line and a $35 billion expansion of the Al Maktoum Airport.
The first phase is expected to be delivered in 2030 and will include six new office towers, two residential towers, a hotel and an AI Campus.
"The project will be supported through a combination of internal resources, future development revenues, and other financing structures as needed," the DIFC said.
(With inputs from Reuters)
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