New residences, offices, co-working spaces and retail will be coming to DIFC, at its Innovation Hub. Image Credit: Supplied

Dubai: The Dubai International Financial Centre is adding a residential component to its Innovation Hub, a cluster dedicated to fintech and other tech- and investment-focussed ventures. It was in May last year that the Innovation Hub – currently base to 600 tech firms – was expanded from 80,000 square feet to 315,000 square feet.

This expansion is to be complete by end 2023. The residential component will have 170 units and form Phase 3 of the Innovation Hub. It will also include 184,000 square feet of offices and co-working space, while 107,000 square feet will be for retail.

“For the first time, DIFC is creating a mixed-use space that includes residential units, co-working and office spaces, retail and dining,” said Essa Kazim, Governor of DIFC. “Our latest development is a response to the ever-evolving nature of workspaces and lifestyle choices. We are delivering a vibrant new lifestyle hub, where everyone can enjoy the best of urban living, combined with a high-quality environment featuring everything required to prosper.”

We must provide world-class, future-proof facilities that enable companies, organisations and individuals to thrive, prosper and enjoy an environment they can both live and work in

- Essa Kazim, DIFC Governor
The DIFC Innovation Hub currently hosts 600 entities, and which will see a further spike with the quadrupling of the area coming under it by end next year. Image Credit: Supplied

The new expansion - DIFC Living and Innovation Two - will be ‘seamlessly integrated’ into DIFC, providing occupants with direct internal and external access to Gate Avenue. "We continue to expand to meet demand, and the new Innovation Hub will result in DIFC becoming one of the world’s largest ecosystem dedicated to FinTech and innovation," said Arif Amiri, CEO of DIFC Authority.

The office buildings at DIFC have been generating sizeable uptake through recent quarters, led by ICD Brookfield Place. It has coincided with new entrants in the financial services and advisory space and the fast-track expansion of the local capital market.