Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched on Tuesday a 100 billion UAE dirhams ($27.23 billion) mega project to expand the Dubai International Financial Centre (DIFC) through the creation of the DIFC Zabeel District.

According to a press statement issued by the Government of Dubai Media Office, DIFC Zabeel District is the largest demand-led expansion of a financial centre in the region, encompassing an area of 7.1 million square feet (sq. ft.) and total gross floor area of 17.7 million sq. ft.

It said the new District is set to double capacity of DIFC - which was established in 2004 - to more than 42,000 businesses, accomodate a workforce of over 125,000, and provide more than one million sq. ft. of space dedicated to future technologies and AI.

Consisting of six phases, the expansion is expected to welcome the public in 2030, with the masterplan expected to be complete in 2040, the statement said, adding that work is underway to prepare the first phase.

Sheikh Mohammed bin Rashid Al Maktoum said: “Dubai continues to enhance its status as a leading global business and finance hub by launching landmark, futuristic projects that provide a comprehensive ecosystem integrating business requirements with high quality of life. This has made Dubai the preferred destination for businesses and talent worldwide.”

AI and gaming campus

The development’s more than one million-sq-ft innovation hub and purpose-built AI campus is designed to support over 6,000 businesses and 30,000 technology specialists. It will also include a Gaming & Immersive Technologies Hub to establish Dubai as a powerhouse for next generation gaming, simulation, and digital content creation.

Education hub 

In line with Dubai’s ambitious Education 33 (E33) strategy, the DIFC expansion will target world class universities ranked among the top 25 in the QS World University Rankings, positioning it as a leading hub for further education and a global destination for higher education.

The DIFC Academy will grow ten-fold to 370,000 sq.ft. creating a capacity for 50,000 learners annually.

The expansion will further introduce a first-of-its-kind art pavilion, strengthening DIFC’s role as a centre for culture, alongside a mix of commercial and residential developments anchored around a central boulevard, as well as conference facilities, hotels and upscale retail.

The new district will be connected to the existing DIFC Gate District by a signature bridge.

(Writing by SA Kader; Editing by Anoop Menon) 

(anoop.menon@lseg.com)

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