The biggest finance hub in the Middle East is set to balloon after the ruler of Dubai approved plans to add 13 million square feet of space.
The DIFC is working towards cementing its position as a pivotal economic and commercial hub for the region, the Sheikh is reported by local newspaper Arabian Business as saying.
Essa Kazim, governor of the DIFC, explained that the expansion aims to provide an international focal point for fintech and innovation.
The development will add 6.4 million sq. ft of office space, 1.5 million sq. ft of residences and 1.3 million sq. ft of retail space.
New legislation on the horizon
Physical changes are not the only prospect for the finance district, with the Sheikh also alluding to a legislative review.
He said: “The financial sector remains one of the cornerstones of our economy. We are keen that the development of infrastructure is matched by the development of legislation by continuously reviewing it to ensure it is among the best in the world and that it can facilitate the best environment for supporting greater excellence and achievement.
“The next phase requires the introduction of the latest technologies that can support the growth of various business sectors. We are not only trying to meet the requirements of the present time but also be a major contributor to shaping the future of the world’s economy and positively influence greater well-being for the world.”
