New financial centre properties expected to require $4bn to develop over next 10 years
The Dubai International Financial Centre (DIFC) is planning to add around 10 million square feet of new real estate as the free zone, which has become a hub for the regions financial sector, aims to continue expanding.
The new developments are expected to cost around $4bn to develop over the next 10 years and the DIFC is looking for partners to develop the new properties. The DIFC will contribute the land, while a third party will develop and finance the real estate.
There will be no more properties developed, owned and operated by third parties. Currently there are three types of property under the umbrella of the DIFC. The properties owned and operated by the centre, including the Gate District; third party owned property that the DIFC operates such as Currency House; and third party owned and operated property like Index Tower and Emirates Financial Towers.
Occupancy across its own properties and third party owned properties that the DIFC manages is over 90 per cent. Figures for third party owned and managed properties are not disclosed.
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