Khaberni - Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai, on Tuesday, launched the major expansion project for the Dubai International Financial Center under the name «Zabeel District – Dubai International Financial Center».
According to the Emirates News Agency "WAM", this pivotal step enhances the status of the Dubai International Financial Center as a leading global financial hub in the Middle East, Africa, and South Asia, while simultaneously enhancing Dubai's attractiveness as a preferred destination for business and living.
The «Zabeel District» project represents the largest internal expansion of a financial center in the region ever, with a total site area of 7.1 million square feet, and a floor area of 17.7 million square feet, while the total developmental value of the project exceeds 100 billion dirhams.
Sheikh Mohammed bin Rashid Al Maktoum said: "Dubai continues to cement its position as a leading global city for the economy, finance, and business through developing quality projects that foresee the future and provide an integrated system combining business requirements and quality of life. Dubai is an ongoing ambitious story written through achievements competing with time, and a will that believes manufacturing the future is a responsibility that cannot be delayed. In Dubai, we do not wait for transformations, we create them, turning dreams into achievements that speak to the world in the language of leadership."
He added: "The (Zabeel District) project represents a qualitative step in developing the financial sector in Dubai and worldwide, doubling the center's capabilities to accommodate more than 42,000 companies and a workforce exceeding 125,000 employees, and adding more than a million square feet dedicated to future technologies and artificial intelligence, while providing advanced spaces for business, innovation, education and residence. Dubai International Financial Center is the pulsing economic heart of Dubai, its bridge connecting East and West, and a platform where investment meets innovation."
Sheikh Mohammed bin Rashid Al Maktoum praised the exceptional transformation witnessed by the financial services sector in Dubai since the establishment of the Dubai International Financial Center in 2004, and appreciated the center's team's commitment to leadership and leading a new phase of financial sector development, enhancing Dubai's position as a leading global financial and investment destination.
The announcement of the expansion was made during a ceremony held on-site at the Zabeel District area, attended by: Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, Chairman of the Executive Council of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, Chairman of the Dubai International Financial Center, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority, Supreme President and Chief Executive of Emirates Airlines and Group, Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the National Olympic Committee, and a number of senior officials.
On arrival, Sheikh Mohammed bin Rashid Al Maktoum was received by Essa Kazim, Governor of the Dubai International Financial Center, and Aref Amiri, CEO of the Dubai International Financial Center Authority, along with members of the highest board of directors and a number of senior executives.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: "The (Zabeel District) project embodies our solid commitment to Sheikh Mohammed bin Rashid Al Maktoum's vision and directions in building an integrated financial environment that supports innovation, combining global infrastructure and financial regulations conducive to growth, enhancing Dubai's ability to lead transformations in the financial sector, and supporting the targets of the Dubai Economic Agenda (D33) aiming to double the size of the emirate's economy by 2033, and establishing its position among the top four global financial centers."
He added: "The project represents a new strategic shift in the center’s journey, and a platform for launching an advanced phase of innovation and development in the global financial sector. The new project will contribute to accommodating the accelerated growth of global companies and financial and technological institutions, reaffirming our commitment to developing a leading and flexible business environment that sets new standards for financial excellence and drives economic growth for the Emirate of Dubai and the UAE."
The event, held under the slogan "Here Tomorrow Begins", highlighted the legacy of the center extending over 20 years and its successful journey in facilitating trade and investments across Dubai, up to its current status as a global financial center with world-class infrastructure and governance frameworks.
The event also showcased the features of the project, presenting a comprehensive vision for its future, which will contribute to doubling the center’s capacity to include more than 42,000 companies, and a workforce exceeding 125,000 employees.
Issa Kazim said: "This expansion represents a qualitative leap in the future of the financial sector in the Middle East, Africa, and South Asia, and will enhance the center’s contribution to Dubai's economic growth. It will also offer exceptional opportunities for companies and entrepreneurs, as a trusted partner for growth and an incubator for innovation and supportive regulatory environment."
Aref Amiri added: "The project will enhance Dubai's global competitiveness and make it an attractive destination for global talent and expertise in financial services, setting new standards for integrating work environments and well-being, thereby boosting professional excellence and quality of life."
The project represents a new phase in the field of future technologies, dedicating more than a million square feet to the world’s largest innovation hub and AI complex, in addition to establishing an Innovation Hub that will triple in size to support the digital economy.
In line with Dubai’s educational strategy (E33), the center seeks to establish its status as a global destination for higher education, attracting universities ranked among the top 25 worldwide, with the center’s academy expanded tenfold to cover an area of 370,000 square feet, with a capacity to accommodate 50,000 learners annually.
The expansion also includes an artistic wing, "Art Pavilion", to reaffirm the center’s position as a hub for arts and culture in Dubai, with specific sites to display prominent artwork and architectural designs.
The project will offer a balanced mix of commercial and residential spaces, a main plaza, a convention center, hotels, luxury stores, with advanced technological infrastructure and extensive green spaces, enhancing quality of life and work, and connecting the project to the existing Gate District through an iconic bridge.
The project will be implemented in 6 phases, with the first phase to be completed in 2030, and the master plan to be completed by 2040, enhancing access to major landmarks and future transportation means, and establishing sustainable urban planning that includes improving roads, iconic architectural designs, and a commitment to environmental sustainability.
