DIFC’s $27bn expansion to treble its size by 2040

• DIFC Zabeel District to be developed
• Will add 17.7m square feet
• A third of space is residential

The Dubai International Financial Centre has revealed plans for an AED100 billion ($27 billion) expansion that will nearly treble its size by 2040.

The DIFC Zabeel District will add a gross floor area of 17.7 million square feet to the free zone as regional competition intensifies and Dubai seeks to retain its first-mover advantage.

Established in 2004, DIFC is home to 289 licensed banks and capital market companies. They manage nearly $240 billion of banking assets, up almost 200 percent from $80 billion a decade ago.  

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Zabeel will be developed on a plot of land across Al Mustaqbal Street from the Gate Village district and is designed to accommodate more than 125,000 professionals and over 40,000 companies.

Offices will account for 44 percent of the built space at DIFC Zabeel, followed by residential at 35 percent. The remainder will be split between hospitality, retail, education and cultural uses.

The district will be delivered in six phases, with completion planned in 2040. The project will be financed through DIFC’s own revenues and international capital market borrowings.

Last year DIFC surpassed 8,000 active companies, employing around 48,000 professionals, and 100 registered hedge funds.

Dubai was ranked 11th in the latest edition of the Global Financial Centres Index, published last September by think tank Z/Yen. Abu Dhabi was in 28th place.

Supplied/DIFC

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