Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a new chapter in the development of the Dubai International Financial Centre (DIFC) with the launch of DIFC 2.0.

The centre’s phased growth plan will triple the scale of the leading financial hub in the Middle East, Africa and South Asia (Measa) region and enable DIFC to drive the future of finance, reported state news agency Wam.

Sheikh Mohammed said: "The next phase requires the introduction of the latest technologies that can support the growth of various business sectors. We are not only trying to meet the requirements of the present time but also be a major contributor to shaping the future of the world’s economy and positively influence greater well-being for the world. We are confident that Emiratis will be successful in achieving this strategic objective.”

Governor of DIFC Essa Karim, briefed Sheikh Mohammed about the new expansion which will add a total of 13 million sq ft of vibrant and stimulating space to the centre’s integrated ecosystem. DIFC 2.0 builds on 15 years of achievement that has played a significant role in establishing Dubai’s position as a global financial hub, and a key driver of innovation and entrepreneurship.

The new development will provide an international focal point for FinTech and innovation, enhancing the Centre’s reputation as one of the world’s most advanced financial centres.

The development of DIFC 2.0 will commence immediately and will be completed in several stages. Upon completion, the new district will comprise 6.4 million sq ft of office space, 2.6 million sq ft of creative space, 1.5 million sq ft of residences, 1.3 million sq ft of retail space and 700,000 sq ft devoted to leisure and entertainment. This will be complemented by a financial campus covering approximately 400,000 sq ft, an additional 250,000 sq ft of hospitality offerings, and 3.5 million sq ft of car parking space.

Commenting on the next chapter of the DIFC’s development, Essa Kazim said: “The launch of DIFC 2.0 embodies the eight defining principles upon which Dubai was founded and included in His Highness’ 50-year charter, whilst supporting the government’s efforts to foster an environment in Dubai where innovation and entrepreneurship can thrive. In addition, with the DIFC occupying a strategic position in the region, the next phase of our development will undoubtedly translate into further growth for the regional financial services landscape.”

“Looking ahead, we are excited to continue working alongside our vibrant community, which includes some of the most prominent global financial institutions, to evolve our offering and to support the development of the financial services industry across the Measa region,” he added.

DIFC, the largest international financial hub in the Measa region, boasts more than 22,000 professionals working across over 2,000 companies in the district, including the leading regional and global players in the financial services industry.

DIFC 2.0 is an extension of the existing jurisdiction, with direct connections to Dubai’s public transport networks. Embracing a pedestrian lifestyle, the next phase is set apart from conventional city living with underground service paths allowing for the free movement of bikes, pedestrians, cars and smart transportation.

With sustainability remaining a priority for the centre, the new development will introduce open green spaces that bring together an innovative community within a natural and sophisticated business environment.