The DIFC is set to become home to its first ever residences

The Dubai International Financial Center (DIFC), which is the largest global financial center in the MEASA region, is set to expand its Innovation Hub. With a current size of 80,000 sq. ft, the thriving hub will quadruple to a whopping 315,000 sq. ft, which will attract even more companies, organisations and talented individuals. The expansion is set to be completed by the end of 2023. It is worth noting that as of 2022, the DIFC houses over 600 renowned technology companies.

That being said, this is the third phase of the expansion and it will include the first residential offering called DIFC Living and Innovation Two, with over 170 high-end properties. Potential occupants will benefit from direct external and internal access to Gate Avenue, which offers over 150 shopping, dining and cultural experiences. Other amenities will encompass roof terraces, vertical gardens and outdoor leafy areas, whereas shared workplaces will encourage residents to have the perfect work/life balance. According to Arabian Business, this groundbreaking development is due in 2025.

As well as all that, the third phase of the upgrade includes state-of-the-art conference halls, 184,000 sq. ft of co-working spaces and offices, as well as a GFA of 107,000 sq. ft designated for retail. The initial expansion of the Innovation Hub was revealed back in May 2021 by Sheikh bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the DIFC.

Another major step taken recently, which aims to promote Dubai as a global business hub is the signing of the Memorandum of Understanding (MoU) between the Dubai Land Department (DLD) and Dubai Chambers, which allows business councils and groups under the umbrella of Dubai Chambers to own and rent offices and real estate within the emirate.