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DIFC breaks ground on premium commercial development

DIFC breaks ground on premium commercial development

Featuring offices and retail units, the new project will significantly boost DIFC’s real estate offerings

Staff Writer, TradeArabia

June 30, 2024

Dubai International Financial Centre (DIFC), a leading global financial hub in the region, has announced the ground breaking of DIFC Square, a landmark development and commercial project comprising three interconnected buildings.

Featuring offices and retail units, the new project will significantly boost DIFC’s real estate offerings while meeting the growing demand for Grade A offices in the heart of Dubai’s financial district.

Developed on a 113,500 sq ft plot, with a total built-up area (BUA) of nearly 1 million sq ft, DIFC Square’s future tenants and talent will benefit from close proximity to the Centre’s most sought-after destinations, such as Gate Village for fine dining, lifestyle, arts and culture, and Gate Avenue’s extensive range of restaurants, gyms, and retail facilities.

Providing 600,000 sq ft of office space, DIFC Square will feature 17,200 sq ft of retail space, including a curated mix of shops and F&B outlets, it stated.

With the enabling and foundation works well underway, construction on DIFC Square is being fast-tracked in order to meet the scheduled handover in Q1 2026, it added.

DIFC said today’s (June 30) announcement follows the successful ground-breaking of the AED1.1 billion Immersive Tower by DIFC in May, further demonstrating the strong demand for commercial property in the heart of DIFC.

Featuring 8, 10, and 13 floors, sharing one basement and three podiums, the height of the three buildings are 58, 68 and 81 metres respectively.

On the new development, DIFC Governor Essa Kazim said: “DIFC Square will become a valued addition to our growing real estate portfolio by providing future-forward, Grade A office spaces dedicated to meeting the demand for high-quality, future-centric commercial property.”

Driven by record-breaking growth in both wealth and asset management and the insurance business, DIFC Square has elicited robust tenant demand, underscoring the project’s strategic appeal and prime location, while highlighting the strong interest and growing demand for the Centre’s premium urban commercial real estate.

Strategically situated in DIFC, the project offers unparalleled proximity to Downtown Dubai, Dubai International Airport, Sheikh Zayed Road and other key business and leisure destinations, it added.

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