DIFC Unveils Expansion Plan

By ExpatBriefing.com Editorial 11 October, 2013

Dubai International Financial Center (DIFC), the financial and business hub connecting the region's emerging markets with the markets of Europe, Asia and the Americas, plans to add AED15bn (USD4.1bn) worth of new buildings to accommodate high occupancy demand.

"The latest plan is in line with DIFC's long-term growth strategy and reflects the growing demand for space, from both existing and potential clients, who wish to expand their operations in the Center. DIFC is now evaluating development proposals for a limited amount of plots, with a view to joint venturing with qualified developer and investor groups, to build and form mutually beneficial long-term partnerships," a press release from DIFC said.

DIFC is attractive to businesses as it offers exemption from income tax for 50 years, 100 percent foreign ownership, no exchange controls and a legal system based on English common law. Earlier this week it announced that the number of companies operating at the Center has reached more than 1,000.

Brett Schafer, CEO of DIFC Properties, said, "Over the last decade, DIFC has pioneered the financial free zone concept in the Middle East, successfully serving our client base and paving the way for meaningful expansion. As we enter into the next ten years, the DIFC master plan will continue its development as a world-class community. The completion of our master plan will create a fully-integrated district, further enhancing it among the ranks of the world's most prestigious addresses.

"We are proud to announce the next chapter of the DIFC story and invite qualified development and investment partners to be an integral part of completing the DIFC vision into a reality, through mutually-beneficial investment."

Work on the next phase of the development is expected to commence in early 2014.

Tags: Tax | Investment | Business | Law | Dubai | Expats | Work | Middle East |


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