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Dubai Announces AED3.8bn DIFC Square Mixed-Use Development Project

Posted by main.admin on July 1, 2024
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New Addition to Financial District

The Dubai International Financial Centre (DIFC) has commenced construction on a new mixed-use project, DIFC Square, located in the heart of the financial district. This ambitious AED3.8 billion development will feature three interconnected buildings offering 600,000 square feet of office space and 17,200 square feet of retail area.

Project Details and Timeline

DIFC Square will be built on a 113,500 square foot plot, with a total built area approaching one million square feet. The complex will range from eight to 13 stories in height and is scheduled for completion in early 2026. The groundbreaking ceremony took place this week, marking the beginning of this significant project.

Expanding DIFC’s Real Estate Portfolio

Governor Essa Kazim highlighted the importance of this development, stating, “As DIFC continues to strengthen its position as a world-class financial hub, leading regional and global businesses are establishing their presence in the Centre to grow their network and expand across the MEASA region and beyond. DIFC Square will become a valued addition to the Centre’s growing real estate portfolio by providing future-forward, Grade A office spaces dedicated to meeting the demand for high-quality, future-centric commercial property.”

Strategic Location and Connectivity

Strategically positioned near Dubai International Airport and key transportation links, DIFC Square will provide occupants with easy access to the facilities and amenities within DIFC Gate Village and Gate Avenue. The project is expected to attract significant interest from wealth and insurance firms, drawn by its prime location and strategic appeal.

Future-Proof Development

The new development is part of DIFC’s broader strategy to solidify its status as a premier global financial hub by 2030. The robust demand for commercial real estate in the district was also underscored by the groundbreaking of the AED1.1 billion Immersive Tower in May.

Growing Interest and Pre-Leasing

There has been robust pre-leasing interest in DIFC Square, particularly from wealth and insurance firms, underscoring the project’s strategic appeal and prime location. This follows the successful launch and sale of the Centre’s first residential tower last year, indicating strong demand for high-quality commercial and residential spaces within the DIFC.

DIFC Square is set to be a cornerstone of Dubai’s financial district, providing cutting-edge office and retail spaces designed to meet the needs of a dynamic and future-focused business environment.

Enhancing Dubai’s Business Landscape

DIFC Square is poised to enhance Dubai’s business landscape by offering state-of-the-art facilities that cater to the evolving needs of global enterprises. The development is designed to support innovation and collaboration, providing a conducive environment for businesses to thrive.

Commitment to Sustainable Development

In line with Dubai’s commitment to sustainability, DIFC Square will incorporate eco-friendly design and construction practices. The project aims to achieve high standards of energy efficiency and environmental sustainability, reinforcing DIFC’s role as a leader in sustainable urban development.

DIFC Square is set to be a cornerstone of Dubai’s financial district, providing cutting-edge office and retail spaces designed to meet the needs of a dynamic and future-focused business environment.

Reference: Arabian Business https://www.arabianbusiness.com/industries/real-estate/dubai-announces-new-aed3-8bn-mixed-use-development-project-difc-square

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