Shaikh Mohammad views a scale model of the DIFC 2.0 as Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai; Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai; Shaikh Ahmad Bin Mohammad Bin Rashid Al Maktoum, Vice- Chairman of Dubai 2020 Work Group; Shaikh Mansour Bin Mohammad Bin Rashid Al Maktoum, President of Dubai International Marine Club and Eisa Kazim, DIFC Governor, look on. Image Credit: WAM

Dubai: The UAE's financial free zone, the Dubai International Financial Centre (DIFC), is gearing up for a major expansion.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the new plan, the DIFC 2.0, which will add 13 million square feet of space to the hub.

The Dubai ruler said the emirate is working towards cementing its position as a pivotal economic and commercial hub for the region in line with the "Fifty-Year Charter" recently he recently announced that aims to ensure Dubai’s sustained prosperity and accelerate the development journey of the emirate, the UAE and the region.

Cornerstone

“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,” he said.

He said that developing the financial sector is a priority that supports the economic future of Dubai, and further enhances investor confidence.

“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. We are confident that Emiratis will be successful in achieving this strategic objective,” he said.

The expansion plan will triple the scale of the existing financial centre.

DIFC governor Eisa Kazim briefed Shaikh Mohammad about the new expansion project, which will act as a focal point for fintech and innovation.