Top News

The first phase of the Dh100-billion Zabeel District coming up in the Dubai International Financial Centre (DIFC) will be completed by 2029-30 at a cost of Dh20 billion, a senior official said on Thursday.

“The total area to be developed in the first phase is around 3.7 million square feet of gross floor area. Total value of the development will be roughly Dh20 billion, with focus on office space, iconic buildings that will shape the future of the centre, AI Campus and an art gallery. DIFC Academy will be expanded to 370,000 square feet. These are some of the elements that will be initially added,” Essa Kazim, Governor of DIFC, told Khaleej Times on Thursday.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

In terms of financing for the projects, he said the funds will be mainly sourced from three different avenues. “One is internal resources, and, secondly, we’ll capitalise on our future cash flow. Thirdly, if there is any gap, we may approach bank financing or sukuk,” he said during the media briefing while announcing the results.

The DIFC governor is confident that the first phase of Zabeel District and Gate’s three towers, which will cost Dh8.5 billion, will be funded through internal finances.

The financial free zone added 2,525 new registered companies in 2025, taking the number to 8,844. Gross new company registrations exceeded 2,000 for the first time.

There will be green spaces to create balance between work and life

The Dubai International Financial Centre’s net profit jumped 28 per cent to Dh1.48 billion in 2025, while combined revenues rose 20 per cent to Dh2.13 billion. Operating profit was up 9 per cent at Dh1.45 billion. Total assets stood at Dh21.2 billion as of December 31, 2025.

On January 27, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of the second phase of the DIFC expansion at an estimated cost of Dh100 billion to position the city among the world’s top four financial centres.

The District, which will cover 17 million square feet of gross floor area, will create jobs for 125,000 professionals.

Kazim added that 2026 started on a very positive note, achieving 30 per cent growth month-on-month in January.

Ruling out any impact of regional geopolitical tensions, he said DIFC’s strong results over the past few years prove that there is no impact on the free zone.

“We developed a new strategy in 2017 whereby the focus has been on building the future of finance. And it has been extremely successful. In the space of innovation, FinTech and AI contribute around 20 per cent to our total business community, and that is really the future. For that purpose, we have already designated a full space of roughly 1 million square feet,” he added.