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Dubai International Financial Center (DIFC), the region’s leading global financial centre, has expanded its Innovation Center with the launch of its first residential offering – DIFC Living and Innovation Two.
Speaking at the ground breaking ceremony, senior DIFC officials said DIFC Living and Innovation Phase 2 is a mixed-use, live-work-play destination with separate but interlinked residential and commercial uses.
They said that this is a brand new concept, which will have more than 170 high-end residences embracing future life. Completion is expected in 2025 after breaking ground today.
These residences are expected to be highly sought after, reflecting strong demand from DIFC for its own and managed commercial offices. The development will be seamlessly integrated into the DIFC, providing occupants with direct internal and external access to Gate Avenue.
He said the center is focusing on future-oriented industries and creating new economic value by nurturing innovations, enterprises and talents in various fields.
The project includes 184,000 square feet of office and co-working space, and 107,000 square feet of gross floor area designated for retail use. The new phase will also include state-of-the-art conference facilities.
Essa Kazim said that it will be an important part of the third phase of the DIFC Innovation Center, which is the largest innovation community in the region and currently hosts more than 600 growth-stage technology companies, including established innovation companies, digital laboratories, Venture capital firms and educational institutions, DIFC Governors, at the groundbreaking ceremony for Phase 3 of the DIFC Innovation Centre.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Sheikh of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC, announced the expansion of the Innovation Center initially in May 2021, bringing its Quadruple in size from 80,000 square feet to 315,000 square feet
The expansion, due to be completed by the end of next year, reflects the rapid growth DIFC is experiencing.
“To continue our mission of fostering innovation, we must deliver world-class, future-proof facilities where companies, organizations and individuals can thrive, prosper and enjoy an environment where they can live and work,” Kazim said.
“This is the first time DIFC has created a mixed-use space comprising residential units, co-working and office space, retail and dining. Our latest development is a response to the changing nature of workspace and lifestyle choices. We are delivering a vibrant A new lifestyle center for everyone, where everyone can enjoy the best of urban living, combined with a high-quality environment that has everything needed to prosper,” he said.
Arif Amiri, Chief Executive, DIFC Authority, said: “DIFC has been at the forefront of fintech and innovation in the region, which has helped attract more than 600 related businesses to the centre. We are continually expanding to meet demand, and the new Innovation Hub will make DIFC one of the largest ecosystems in the world dedicated to fintech and innovation.”
“The mixed-use expansion, which includes DIFC Living residences, will allow us to strengthen our positioning as a leading lifestyle destination and global financial centre,” he added.
DIFC says it is optimizing and redesigning spaces – creating spaces that are touchless, smarter, creative and exciting.
The facility will include multiple outdoor green spaces, including vertical gardens and a roof terrace. It added that communal workspaces would allow residents to achieve a better work/life balance while interacting with their neighbours.
“The concept of sustainability was ingrained in the building’s design, with environmental impact measurements carried out at every stage of construction and post-handover,” Kazim said.
“Like other DIFC sites, DIFC Living will be delivered to LEED standards – the global green building rating system -,” he added.-TradeArabia News Service
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