Dubai's International Financial Centre set to double in size
DIFC set to grow over next decade
According to the governor of the financial free-zone, the DIFC will be receiving a major expansion in the next few years. The UAE business hub currently has around 15.2 million square feet of office and other space, from retail to 5-star hotels, with the new plans set to add an extra 10.2 million square feet.
The DIFC's expansion shows the shift away from traditional financial centres such as London and New York due to the growing wealth of emerging markets, and the increasing attention on the Middle East as a new business hub.
From having its own labour laws and court system separate from the wider UAE, the DIFC has grown to become the most prominent financial hub in the Middle East since its birth ten years ago.
"We've been growing very fast, in terms of the number of companies and people that are working in the DIFC, and if you extrapolate that, we'll manage to double everything in the next 10 years," DIFC governor Essa Kazim stated. He also added that the doubling in size would be in terms of the centre's floor space, the number of people working there and the number of companies there.