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Dubai took another step on Tuesday, January 27, towards its goal to rank among the world's top four financial centres as the emirate's Ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced the launch of the second phase of the Dubai International Financial Centre, Zabeel District.

"Our national economy is undergoing qualitative transformations. Our expansions aim to achieve major development leaps, and our future as a global economic hub is becoming more firmly established day after day," said Sheikh Mohammed, who is also UAE Vice President and Prime Minister.

In a social media post, the royal clarified what the new mega project is set to include. It will feature an expansion of the DIFC Academy to serve 50,000 students annually, a digital economy innovation hub spanning one million square feet, capable of hosting 6,000 companies and 30,000 artificial intelligence specialists.

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It will also include an arts and culture centre, a conference centre, and world-class digital infrastructure to support financial firms.

The project, which will have a total value ot Dh100 billion, will accommodate 125,000 professionals across 17 million square feet of gross floor area.

Since its establishment in 2004, DIFC has evolved into a magnet for global financial institutions, innovators, and professional services firms. Its ecosystem blends legal and regulatory certainty with business agility, supported by three independent bodies: DIFC Authority, DFSA, and DIFC Courts.

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