Dubai International Financial Centre (DIFC) is aiming to double the number of companies working in the financial freezone over the next five years.

Speaking at MEED’s Destination Dubai 2020 conference held in Dubai on 29 January, Brett Schaefer, CEO of DIFC Properties, said the second-phase development would boost the freezone’s built-up area by 10 million square feet, increasing the existing 15 million-sq-ft first phase by 40 per cent.

“Some of the masterplan we are doing by ourselves, some of it is being done by investors,” said Schaefer.

Of the proposed second phase, Schaefer said 56 per cent is planned to be occupied by office space and retail would occupy 20 per cent.