DUBAI - Dubai's financial district DIFC will be expanded gradually and only when there is demand for new space, its governor said on Sunday.
The state-owned Dubai International Financial Centre (DIFC) started expanding last year and upon completion the new district will have 6.4 million square feet of office space.
“It is on plan but it’s going to be done on gradual basis, in phases. We will start with phase 1A, B, C and then we build according to the needs,” Essa Kazim told reporters at a briefing.
DIFC is the major finance centre in the Middle East, hosting international banks, insurance companies and investment firms.
(Reporting by Yousef Saba, writing by Alexander Cornwell;Editing by Elaine Hardcastle) ((Alexander.Cornwell@thomsonreuters.com;))