Dubai International Financial Centre (DIFC) has received updated offers from contractors for the contract to build its Gate Avenue retail district at DIFC.

Contractors submitted bids for the project in August. The 61,000-square-metre retail centre will connect existing buildings at DIFC, as well as future developments. There will be 150 retail outlets in the centre, which was previously known as the Retail Spine.

DIFC has said the project value is AED475m ($129m) and the main construction contract will start this year, with completion scheduled for the fourth quarter of 2017.

DIFC appointed the local Alec as the contractor for a preparatory works contract over the summer. That work involves preparing the existing substructure that was previously completed as part of another deal before a main contractor is appointed.

The consultant for the Gate Avenue development is the UK’s RMJM. The project manager is US-based Turner Construction International.

Earlier this year, DIFC awarded the local Khansaheb Civil Engineering an estimated AED140m contract to build the Gate Village 11 building. Located in the DIFC area, the contract involves building a new office building at Gate Village.