DIFC has initiated construction for its 11th office building in the Gate District. It will be an AED205 million (US $55.8 million) space, spanning across 200,000 square feet, of which 18% will be dedicated to F&B.
Dubai International Financial Centre governor His Excellency Essa Kazim said: "DIFC is proud to mark yet another milestone today as we break ground on this new premises. Our sustained growth and the back-to-back opening of office spaces that boast the most advanced facilities reaffirms our commitment to supporting our clients through growing the Centre and stepping up its contribution to the growth of the financial sector in Dubai and the wider UAE.
“With all our buildings at the DIFC Gate District fully occupied at present, the new development will ensure that we continue to meet the demand for best-in-class office spaces in the financial district in the next exciting phase of growth."
Upon completion, Gate Village Building 11 will feature six floors of offices, as well as an entire floor dedicated to business centres equipped with office facilities and secretarial services. Parking for 362 vehicles will be provided within three subterranean levels and two podium floors.
In addition, the new building will feature retail and F&B offerings on the podium level fronting onto a landscaped piazza connecting with the Gate Village podium and outdoor terrace areas.
Kazim added: "We have initiated a new wave of developments at the financial hub in line with the DIFC Masterplan that was announced earlier this month as part of our 2024 strategy to triple our growth. The development of the Gate Building 11 will put us in prime position to leverage new opportunities and accelerate our future growth."
Gate Building 11 is scheduled for completion by Q2 2017.