Mohammed bin Rashid launches the major expansion project of the Dubai International Financial Center with a total development value of 100 billion dirhams
DUBAI, 27 JANUARY / WAM / His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, today launched the major expansion project for the Dubai International Financial Centre, “Zabeel District – Dubai International Financial Centre”, in a pivotal step that strengthens its position as a leading global financial center in the Middle East, Africa and South Asia region, and at the same time supports the attractiveness of the Emirate of Dubai as a preferred destination for work and living.
“Zabeel District – DIFC” is the largest internal expansion of a financial center in the region ever, with a total site area of 7.1 million square feet, a total floor area of 17.7 million square feet, and the estimated total development value of the project exceeds 100 billion dirhams.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “The Emirate of Dubai continues to consolidate its position as a leading global city for economics, finance and business, through the development of qualitative projects that anticipate the future and provide an integrated system that combines work requirements and quality of life, making the emirate the first choice for companies and talents from all over the world… Dubai is a story of non-stop ambition, whose chapters are written with achievements that race against time, and a will that believes that creating the future is a responsibility that cannot be postponed… In Dubai, we do not wait for transformations, but rather we create them, We transform dreams into achievements that speak to the world in the language of leadership.”
His Highness added: “Zabeel District – Dubai International Financial Center represents a qualitative step in the process of developing the financial sector in Dubai and the world, as it will double the center’s capabilities to accommodate more than 42,000 companies and a workforce exceeding 125,000 employees, and will add more than a million square feet dedicated to future technologies and artificial intelligence, while providing advanced spaces for business, innovation, education, and housing. The Dubai International Financial Center is the beating economic heart of Dubai, its bridge that connects the East with the West, and a platform where investment meets innovation.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum praised the exceptional transformation witnessed by the financial services sector in Dubai since the establishment of the Dubai International Financial Center in 2004, and His Highness appreciated the commitment of the center’s work team to leadership and leading a new phase of financial sector development, thus enhancing Dubai’s position as a leading financial and investment destination in the world.
The expansion was announced during a ceremony held at the project site in the Zabeel area near the Dubai International Financial Center, marking the official launch of the “Zabeel District – Dubai International Financial Center” project, in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, Chairman of the Executive Council of the Emirate of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, Chairman of the Dubai International Financial Center and His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Supreme Chairman and CEO of Emirates Airline and Group, His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, President of the National Olympic Committee, and a number of Al-Zawraa and senior officials.
His Highness Sheikh Mohammed bin Rashid Al Maktoum was received by His Excellency Issa Kazim, Governor of the DIFC, and His Excellency Arif Amiri, CEO of the DIFC Authority. And members of the Supreme Board of Directors of the Dubai International Financial Centre, the Board of Directors of the Dubai International Financial Center Authority, and a number of senior executives of the Dubai International Financial Center Authority, the Dubai Financial Services Authority, and the courts of the Dubai International Financial Center.
On this occasion, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and President of the Dubai International Financial Center, said: “Zabeel District – DIFC embodies our firm commitment to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, in building an integrated financial environment that supports innovation and combines global infrastructure and financial regulations that stimulate growth and prosperity, thus enhancing Dubai’s ability to lead transformations in the financial sector, and supports the goals of the Dubai Economic Agenda.” (D33) which aims to double the size of the emirate’s economy by 2033, and consolidate its position among the top four global financial centers.”
His Highness added: “Zabeel District – Dubai International Financial Center represents a new strategic shift in the center’s journey, and a platform for launching an advanced stage of innovation and development in the global financial sector. The new project contributes to accommodating the rapid growth of international companies and financial and technical institutions, and confirms our commitment to continuing to develop a pioneering and flexible business environment that sets new standards for financial excellence and accelerates the economic growth of the Emirate of Dubai and the UAE.”
The ceremony, which was held under the slogan “Tomorrow Begins Here,” highlighted the DIFC’s legacy spanning more than 20 years and its successful journey in facilitating trade and investment flows across the Emirate of Dubai since its founding in 2004, reaching its position today as a global financial center with world-class infrastructure and governance frameworks.
The ceremony reviewed the features of (Zabeel District – Dubai International Financial Centre), presenting to the attendees an integrated vision of the future of the project, which will contribute to doubling the center’s capacity to include more than 42 thousand companies, and a workforce exceeding 125 thousand employees.
His Excellency Issa Kazim, Governor of the DIFC, said: “This expansion will represent a qualitative shift in the future of the financial sector in the Middle East, Africa and South Asia region, and will enhance the DIFC’s contribution to the economic growth of the Emirate of Dubai. Zabeel District – DIFC will also provide exceptional opportunities for companies and entrepreneurs, as it is a reliable partner for growth, a strong engine for innovation, an innovative regulatory environment, and a supportive business incubator, thus enhancing Dubai’s position as a financial center.” A global leader and platform for shaping the future of the financial sector.”
For his part, His Excellency Arif Amiri, CEO of the Dubai International Financial Center Authority, said: “Zabeel District – DIFC contributes to enhancing the competitiveness of Dubai World, and this new expansion will constitute an attractive destination for global expertise, talents and competencies in the field of financial services. The new project will establish new standards for integrating work and luxury environments, in a way that enhances professional excellence and quality of life at the same time… as an integrated community that embraces creators, innovators and sector pioneers. Financially, the project will support the growth process for the next twenty years.”
The expansion project represents a new stage in the field of future technologies, as more than one million square feet has been allocated to the largest innovation center and complex designed specifically to empower the artificial intelligence sector in the world.
The Innovation Hub, which will triple in size, will contribute to consolidating Dubai’s ambitions in the digital economy, in addition to establishing an advanced artificial intelligence complex.
The facilities are specifically designed to meet the future needs of more than 6,000 companies and 30,000 technology professionals, enabling qualitative successes in the development of artificial intelligence and commercial innovation. In addition, the region will include a center for immersive games and technologies to consolidate Dubai’s position as a leading center in the field of next-generation games, simulation and digital content creation.
In line with the Dubai Education Strategy (E33), the Dubai International Financial Center seeks to consolidate its position as a global destination for higher education, by attracting prestigious international universities ranked among the top 25 universities in the QS World University Rankings.
The DIFC Academy will also expand tenfold to reach 370,000 square feet, with a capacity of 50,000 male and female students annually.
The expansion will also include a unique art pavilion – “Art Pavilion”, enhancing the position of the DIFC as a center for arts and culture in Dubai, and specific locations will be allocated to display prominent works of art and architecture.
“Zabeel District – Dubai International Financial Center” will constitute an integrated destination that meets the aspirations of investors and Dubai residents alike, by providing a balanced mix of commercial and residential spaces, with a main square in the middle, in addition to a conference center, hotels, luxury stores, and advanced technological infrastructure.
The open spaces, which were designed with great care, will be characterized by wide green areas and rich biodiversity, which contributes to providing an integrated healthy environment for working, living and socializing.
The design of the expansion project is based on enhancing connectivity and ease of movement, as the project is connected to the current “Gate District – Dubai International Financial Center” area via an iconic bridge.
“Zabeel District – Dubai International Financial Center” will be implemented in 6 phases, with the first phase scheduled to be completed in 2030, with the master plan to be completed by 2040. The first phase of the project is currently being implemented.
Thanks to its strategic location, “Zabeel District – DIFC” provides easy access to the most prominent landmarks and infrastructure in Dubai, while an integrated green path will enhance health, well-being and communication, and the expansion will also facilitate access to future means of transportation.
The project constitutes a vibrant and comprehensive center for innovation, cooperation, creativity, excellence and growth, and this is due to the project’s careful urban planning, which includes improving roads in cooperation with the Dubai Roads and Transport Authority, iconic architectural designs, and a firm commitment to sustainability.
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