Dubai International Financial Centre unveils Dh475 million mixed-use expansion

Tuesday, Apr 26, 2016

Dubai: Dubai International Financial Centre (DIFC) on Tuesday unveiled Gate Avenue at DIFC, a mixed-use project for the financial hub.

The project is targeted to emerge as a premium lifestyle destination for residents and visitors. Spanning a build-up area of 660,000 square feet, the Dh475 million Gate Avenue at DIFC will feature more than 150 boutiques and retail outlets, and a modern and emblematic mosque.

“The announcement of Gate Avenue at DIFC is a significant step towards accomplishing our 2024 growth strategy that paves the way for the sustained development of the Centre. The project will be a significant value-add for professionals and residents currently working and living in the district, and create an even more attractive proposition for prospective clients and tenants, as we build on our already world-class infrastructure platform. This, in turn will elevate DIFC’s status as one of the most sought-after destinations in the world,” said Essa Kazim, Governor of Dubai International Financial Centre.

The new development will link a network of residential and commercial buildings across the 110-acre financial district. Visitors and residents will be able to enjoy a leisurely walk across the walkway on the Promenade Level.

Central to the Promenade Level will be an emblematic mosque featuring modern Islamic design that will host a total of 500 worshippers.

The new project’s construction expected to begin this year and set for completion by the end of 2017. The DIFC Property Development team is responsible for executing the completion of this new integrated mixed-use development. The DIFC Property Management team will manage the commercial leisure and retail facilities.

The project is designed by architects RMJM. Construction will start in the third quarter this year and is scheduled to be completed by the fourth quarter of 2017.

The new development will feature 1,100 parking spaces, in addition to third-party parking facilities making it a brand new venue to host a series of art and design installations, live music performances, visual activations and festivals.

The DIFC reported a 27.6 per cent year-on-year growth in the number of new companies incorporated as 309 new entities joined the global financial hub last year. The size of the total workforce employed within DIFC also grew to 19,808, at year-end 2015, an 11 per cent increase compared with last year. Despite the challenging global and regional economic environment, the DIFC continued to attract financial institutions from around the world last year according to senior officials.

As far as finances are concerned, DIFC is in a very strong position with a cash position in excess of $368 million (Dh1.35 billion), officials said. In February this year Kzim said DIFC’s EBIDTA [earnings before interest, depreciation, taxation and amortisation] is in the range of $120 million to $150 million and it does not require to raise additional funds for the new projects.

By Babu Das Augustine Banking Editor