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Dubai International Financial Center (DIFC)

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darkknight Unincorporated Area

darkknight

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PROJECT NAME: The Dubai International Financial Centre

TYPE: OFFICE TOWERS AND OFFICE PARK

END DATE: September 2006

NUMBER OF TOWERS: 35+ commercial towers + 400 residential buildings

The Capital of Dubai, Dubai International Financial Centre

DIFC officials are briefing local business groups on what to expect. It's huge, 1.2 million square metres, 34,000 car parking spaces. By 2010, 20,000 people will work in the world's newest financial services centre.

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The upcoming Dubai International Financial Centre will be officially launched on September 23 and the first tenants of this huge mixed-use development will move in on July 14, 2004.

Needless to say the launch of the DIFC is being timed to coincide with the annual meetings of the International Monetary Fund and World Bank in the city. But even the most hardened veteran of international finance will not fail to be impressed by the breath-taking plans for the DIFC.

As the world's first fully-integrated, green field financial centre the DIFC is aiming to get its planning right from the start. There will be 34,000 car parking spaces on four levels under the complex. Not only the largest car park in the world, but an essential feature in a city with limited public transport and very hot summers.

However, the whole aim is to create a city within a city, the 'Capital of Dubai' as it will be known. Only 20 per cent of floor space will be given over to banks, the rest will be for corporate offices, residential units, two hotels and every imaginable business service activity.

The first phase will be 100,000 square metres of space by 'The Gate', the translucent office-arch that will form the entrance to Dubai's most novel free zone. But this is merely a foretaste of the 1.2 million square metres of accommodation to be built over the next six-and-a-half years.

Within the walls of the DIFC companies will trade according to the commercial and civil laws established exclusively for the DIFC and drawn up by international lawyers to the highest global standards. Thus a unique legal and trading environment for financial services will be established.

Officials say a regional stock exchange managed by one of Europe's largest exchanges is under development. With an estimated 90 privatizations to come in the Middle East the DIFC hopes to be at the forefront of modernizing regional capital markets.

This business alone should prove a magnet to the giants of global finance, and the DIFC has pitched itself to attracting the biggest names in the global industry. It is not trying to copy Bahrain which is already a hub for regional banks and Islamic banking.

Nonetheless, the scale of development at the DIFC is mind-blowing and highly ambitious. The cautious bankers who assemble in Dubai this week may scratch their heads in disbelief and wonder if it will really be done.

They should be aware that Dubai has successfully grown its economy by 6% a year while seeing oil income fall from 50% of GDP in 1985 to 7% today. Against that sort of a background anything is possible, and the impossible is usually done at once.

LIST OF BUILDINGS IN PROJECT

THE GATE, 15F, UC

THE GATE, 15F, UC 2 x 30F Res towers

The Residences at DIFC 2 x 30F Res towers

3 WINGED LATTIC TOWER 60F In Desgin

HEXAGONAL TOWER 1 50F+ In Desgin

HEXAGONAL TOWER 2 30F+ In Desgin

HEXAGONAL TOWER 3 20F+ In Desgin

HEXAGONAL TOWER 4 20F+ In Desgin

At Least 6, 8F Buildings Final Desgin Stage

dubai_lg.jpg

Landmark building planned in DIFC

hexagon2.jpg

The Dubai International Financial Centre (DIFC) and Nexus Capital SA are to jointly develop a $260 million mixed use real estate complex called The Hexagon. According to DIFC, the joint venture project is aimed at attracting foreign direct investment into the DIFC.

The 1.4 million square foot complex will feature smart offices, residential spaces, a five star boutique hotel, a rooftop garden and a private business club. Another feature will be an educational campus that will be targeted at business schools and executive education providers.

In terms of design, the complex will feature four hexagonal buildings, whose main tower will be more than 50 stories high.

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Mith242 Gigalopolis

Mith242

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I know I've said this before but I have to say it again. Dubai is really doing a lot with some very interesting architecture. I wonder how the city will end up. Anyone want to predict if the city ends up like New York City with a great look at architecture of the early 21st century, or will it end up being more like Las Vegas where they are constantly tearing down things and putting up new buildings?

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mcheiss Metropolitan Area

mcheiss

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I know I've said this before but I have to say it again. Dubai is really doing a lot with some very interesting architecture. I wonder how the city will end up. Anyone want to predict if the city ends up like New York City with a great look at architecture of the early 21st century, or will it end up being more like Las Vegas where they are constantly tearing down things and putting up new buildings?

It will be just completly modern looking, like Tokyo or even better. It lacks some density, but Infill should come later.

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malec Whistle-Stop

malec

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I don't think it should be too dense. This skyline is and will be different to others around the world. Some people will like it, some won't. Most American skylines are pretty dense with large chunky buildings (not saying it's a bad thing) that makes the skyline have a sense of power. Dubai's skyline will be tall and thin

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mcheiss Metropolitan Area

mcheiss

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I don't think it should be too dense. This skyline is and will be different to others around the world. Some people will like it, some won't. Most American skylines are pretty dense with large chunky buildings (not saying it's a bad thing) that makes the skyline have a sense of power. Dubai's skyline will be tall and thin

True.

I enjoy Dubai's Skyline. There are pro's and con's to Heavy Density.

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