Dubai International Financial Centre (DIFC), a leading international financial hub in the Middle East, Africa and South Asian region, said work on its key development ‘The Exchange’ (previously Gate Village Building 11) is progressing well and is likely to be completed in the first quarter of 2018.

Following the appointment of Khansaheb as the main contractor for the project in July 2016, concrete works of the substructure have been completed, with the podium level on target for completion this month and the concrete skeleton of the structure to be ready in July in line with planned milestones.

Being built at a total construction cost of Dh180 million ($49 million), ‘The Exchange’ will have a total leasable area of 147,000 sq ft, offering 114,000 sq ft of office space and 33,000 sq ft of retail space, said the DIFC in its statement.

A concourse floor, located on the podium level of The Exchange, will offer F&B (food and beverage) offerings from two world-class restaurants.

The outlets will front onto ‘The Exchange Square’, a landscaped piazza which will serve as an extension of the existing Gate Village podium, it stated.

The first floor of the development will include a state-of-the-art business centre, with high quality finishes and fit-outs, with seven additional office floors above it. The top floor of the development will provide a dedicated rooftop space for a unique addition to DIFC’s acclaimed portfolio of international restaurants.

Furthermore, long-standing DIFC tenant Nasdaq Dubai has confirmed its relocation from DIFC Precinct Building 5 to the eighth floor of The Exchange.

Nabil Al Kindi, the executive vice-presidnet of DIFC Property Development, said: "The Exchange is a very attractive addition to our existing Gate Village and highlights our efforts to continuously enhance the appeal of DIFC, a destination beyond a financial centre."

"This latest development is testament to the significant demand for space at DIFC, as we endeavour to further develop our infrastructure and offering to meet the requirements of our growing community, in line with our 2024 strategy," he added.-TradeArabia News Service