Dubai plans to triple the size of its financial district, it has been announced. This increase will see Dubai add a large area, around the same size of Canary Wharf in London, to its main financial area. This increase is happening despite rising competition from other banking hubs around the world.
Dubai’s Financial District to Triple in Size
Dubai’s financial area increase is being called DIFC 2.0. It will include an additional 1.2 million square metres of space being added to the centre over a number of different phases. This will have a major focus on innovation. Also, 6.4 million square feet of office space will also be added. It is thought that this could include homes, shops and hotels as well.
The Dubai International Financial Centre first opened in 2004 and it quickly became the region’s key financial district. It attracted a number of global lenders in no time at all, promising them zero taxes for a period of 50 years. However, a number of big investment banks have since headed back to their own markets.
Recently, the financial district has begun to focus on African and Asian companies to fill its growing amount of offer space. Despite this, Dubai still remains to be the region’s leading financial centre. The increase in size for the financial district is likely result in even further growth and success.