DIFC retail strategy will be revised

Dubai: Dubai International Financial Centre is in the process of revising its retail strategy, Abdullah Al Awar, the chief executive of the DIFC Authority, said on Tuesday.

The DIFC has a total retail space of 211,966 square feet, 66 per cent of which is currently occupied.

"We are in the process of revising its retail strategy to bring the services offered into closer alignment with the needs of the DIFC community. Following consultation with clients, a new range of retailers will be joining the Centre, featuring more fine- and casual-dining restaurants, groceries and food shops, as well fine art galleries," Al Awar said.

From December 2009 to July 2010, the development of DIFC's physical infrastructure continued, with the addition of 308,687 square feet of commercial office space. Total leasable area, including that developed by third-party developers, is now equal to 2,116,311 square feet of office space.

Total office space in the DIFC's Gate District is 1,471,625 square feet, including an additional 170,000 square feet of leasing units which will become available shortly.

This represents an annualised growth rate of 20 per cent.