Dubai has announced plans to build a $1 billion (Dh3.67 billion) development in the heart of the emirate’s financial district, the first new construction project there since the softening of the property market during the global crisis of 2008.
Gulf News reported that the development, next to the cluster of Dubai International Financial Centre (DIFC) buildings, is also the first project by a joint venture between Investment Corporation of Dubai (ICD) and Brookfield, the Canadian property manager.
Adjacent to the core buildings of DIFC, the project will comprise a 50-storey office tower, hotel and retail outlets. The first tenants are expected in 2018, according to documents seen by the Financial Times. Quality office space in prime locations such as the DIFC continues to attract strong demand, especially from multinationals.