Dubai is planning to invest more than 100 billion dirhams ($27 billion) to expand its international financial hub as rising demand from foreign firms has pushed existing facilities to capacity.
The Dubai International Financial Centre (DIFC) will develop a new district opposite its original site, which was launched in 2004. The expansion, known as DIFC Zabeel District, will add around 17.7 million square feet to the current 110-hectare financial hub. Development will be carried out in six phases, with full completion targeted by 2040.
The move reflects the rapid growth of DIFC over the past two decades. From just 19 companies and 75 employees at its inception, the centre had grown to more than 7,700 firms employing about 48,000 people by the first half of last year.
Dubai has emerged as a major magnet for global capital since the pandemic, supported by a low-tax environment, business-friendly regulations, and fast-track licensing processes. The DIFC currently hosts offices of more than 100 hedge funds and nearly 500 wealth and asset management firms, reinforcing its position as the leading financial hub in the Middle East.
