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Sat 11 Jul 2015 01:15 AM

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Dubai's DIFC breaks ground on new $55.8m office building

Construction of 11th building in Gate District is part of plan to triple size of financial free zone in 10 years

Dubai's DIFC breaks ground on new $55.8m office building

Dubai International Financial Centre (DIFC) has broken ground on the construction of its 11th office building in the Gate District.

Built at a total investment of AED205 million ($55.8 million), Gate Building 11 is scheduled for completion by Q2 2017. Across a total built-up area of 200,000 square foot, the premises will offer 160,000 sq ft of office space and nearly 40,000 sq ft for retail and F&B outlets.

The project is part of DIFC's plans to triple in size over the next decade by attracting firms from the fast expanding markets of China, India and Africa.

The financial free zone, which was established in 2004, wants to increase the number of domiciled financial firms from 362 in 2014 to 1,000 in 2024.

It plans to grow assets under management at DIFC from $17.4 billion to $250 billion in the next ten years, and firms to triple their cumulative balance sheet from $65 billion to $400 billion.

Essa Kazim, governor, Dubai International Financial Centre, said: "DIFC is proud to mark yet another milestone today as we break ground on this new premises.

"Our sustained growth and the back-to-back opening of office spaces that boast the most advanced facilities reaffirms our commitment to supporting our clients through growing the Centre and stepping up its contribution to the growth of the financial sector in Dubai and the wider UAE.

"With all our buildings at the DIFC Gate District fully occupied at present, the new development will ensure that we continue to meet the demand for best-in-class office spaces in the financial district in the next exciting phase of growth."

Upon completion, Gate Village Building 11 will feature six floors of offices, as well as an entire floor dedicated to state-of-the-art business centres equipped with advanced office facilities and secretarial services.

Parking for 362 vehicles will be provided within three subterranean levels and two podium floors.

In addition, the new building will feature retail and F&B offerings on the podium level fronting onto a landscaped piazza connecting with the Gate Village podium and exciting outdoor terrace areas.

Kazim said: "We have initiated a new wave of developments at the financial hub in line with the DIFC Masterplan that was announced earlier this month as part of our 2024 strategy to triple our growth. The development of the Gate Building 11 will put us in prime position to leverage new opportunities and accelerate our future growth."

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