Dubai has announced the expansion of Dubai International Financial Centre (DIFC) with the launch of the DIFC Zabeel District, which has an estimated gross development value more than Dh100bn ($27.2bn).
The development, announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, covers a site area of 7.1 million ft2 and a total gross floor area of 17.7 million ft2.
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The new district aims to extend DIFC’s capacity to accommodate more than 42,000 companies and a workforce surpassing 125,000 people.
The expansion is designed to strengthen Dubai’s position as a financial centre in the Middle East, Africa, and South Asia (MEASA) region.
DIFC governor Essa Kazim said: “This expansion will redefine the financial industry in the MEASA region and fast-track DIFC’s contribution to Dubai’s economic growth.
“DIFC Zabeel District will create unparalleled opportunities and firmly entrench Dubai’s position as a global financial leader and as a launchpad for the future of finance.”
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By GlobalDataThe Zabeel District will allocate over one million ft2 to an innovation hub, which includes what developers describe as the world’s first purpose-built AI campus
It is intended to support the future requirements of more than 6,000 businesses and 30,000 technology professionals.
The district will also house a Gaming & Immersive Technologies Hub focused on gaming, simulation and digital content activities.
Plans include expanding educational facilities, with the DIFC Academy set to increase tenfold in size to cover 370,000ft2 and accommodate up to 50,000 learners each year.
In addition, the development will feature a conference centre, hotels, retail units, commercial and residential areas along a central boulevard, and upgraded technology infrastructure.
The masterplan will also include an art pavilion, which intends to provide spaces for works of art and architecture.
The project is structured in six phases, with public access anticipated in 2030 and completion targeted for 2040.
Sheikh Mohammed bin Rashid Al Maktoum said: “This development further enhances Dubai’s ability to lead financial sector transformation in line with the Dubai Economic Agenda (D33), which aims to double the emirate’s economy by 2033 and solidify its position as one of the world’s top four financial centres.”
