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Wed 4 Mar 2015 12:45 PM

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Dubai to build $1bn DIFC development

ICD Brookfield Place will comprise a 50-storey office tower, hotel and retail outlets

Dubai to build $1bn DIFC development

Dubai’s sovereign wealth fund is to build a $1 billion (AED3.67 billion) development in the heart of the emirate’s financial district.

The scheme will be the first new construction project there since the property crash in 2008, and the first by a joint venture between Investment Corporation of Dubai (ICD) and Canadian asset manager Brookfield.

ICD Brookfield Place will comprise a 50-storey office tower, hotel and retail outlets next to the Dubai International Financial Centre (DIFC). The first tenants are expected in 2018, according to documents seen by the Financial Times newspaper.

The ICD has helped DIFC in the past, reports the FT, buying some of its assets ahead of a refinancing in 2012 that put the financial centre on a stronger footing.

The new partnership will reportedly be seen as a vote of confidence from the government in continued growth of the DIFC, particular in the face of rising competition from neighbouring projects such as the new free zone in Abu Dhabi.

More than 15,000 people work at the DIFC, where occupiers include international law firms, consultancies and financial groups.

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