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Dubai Seeks Cementing Position as Pivotal Economic, Commercial Hub

Dubai Seeks Cementing Position as Pivotal Economic, Commercial Hub

Tuesday, 8 January, 2019 - 11:00
Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum (WAM)
Dubai- Asharq Al-Awsat
Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said that Dubai is working towards cementing its position as a pivotal economic and commercial hub for the region in line with the “Fifty- Year Charter” that aims to ensure Dubai’s sustained prosperity and accelerate the development journey of the UAE and the region.

Sheikh Mohammed said that developing the financial sector is a priority that supports the economic future of Dubai and further enhances investor confidence, given the vital contribution it makes to Dubai’s economy mainly through the Dubai International Financial Center (DIFC), which provides a growth platform for major international financial institutions.

He highlighted the Center’s role in supporting the Eight Principles of Dubai, principally the one related to its position as a business capital and a hub for international investment.

“The financial sector remains one of the cornerstones of our economy. We are keen that the development of infrastructure is matched by the development of legislation by continuously reviewing it to ensure it is among the best in the world and that it can facilitate the best environment for supporting greater excellence and achievement.”

Sheikh Mohammed also praised the achievements of DIFC that helped Dubai become one of the leading financial centers in the world.

“The next phase requires the introduction of the latest technologies that can support the growth of various business sectors. We are not only trying to meet the requirements of the present time but also be a major contributor to shaping the future of the world’s economy and positively influence greater well-being for the world.”

The Sheikh’s remarks came as he approved a new chapter in the development of DIFC with the launch of DIFC 2.0.

The Center’s growth plan will triple the scale of the leading financial hub in the Middle East, Africa and South Asia (MEASA) region. This will enable the center to drive the future of finance with the new expansion which will add a total of 13 million square feet.

DIFC 2.0 development will be completed in several stages and, upon completion, the new district will comprise 6.4 million square feet of office space, 2.6 million square feet of creative space, 1.5 million square feet of residences, 1.3 million square feet of retail space and 700,000 square feet devoted to leisure and entertainment.

Commenting on the Center’s development, DIFC governor, Essa Kazim, noted that Dubai’s government continues to undertake unparalleled initiatives to drive the Emirate’s future and to support Dubai’s role as an essential component of the global financial system.

Kazim indicated that the launch of DIFC 2.0 embodies the eight defining principles upon which Dubai was founded and included in the 50-year charter, whilst supporting the government’s efforts to foster an environment in Dubai where innovation and entrepreneurship can thrive.

“Looking ahead, we are excited to continue working alongside our vibrant community, which includes some of the most prominent global financial institutions, to evolve our offering and to support the development of the financial services industry across the MEASA region.”

DIFC, the largest international financial hub in the MEASA region, boasts more than 22,000 professionals working across over 2,000 companies in the district, including the leading regional and global players in the financial services industry.

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