Total value of the Dubai International Financial Centre extension project exceeds $272 million
Construction of Gate Avenue at the Dubai International Financial Centre (DIFC) is proceeding at “full pace”, with 85% of the structural concrete work and 75% of the concrete blockwork completed.
Gate Avenue, a 660,000 square foot urban retail and leisure development, is scheduled to open in the first half of 2018, the DIFC said in a statement.
Recent construction milestones at DIFC’s flagship development include the completion of 35% of the overall construction work and the commencement of critical MEP activities at the project site.
To date, approximately 3.5 million man-hours have been dedicated to this development, the DIFC said.
Further work on new and existing roads as well as car parking and public realm works is expected to start later this month, to integrate Gate Avenue at DIFC with the DIFC’s masterplan. The AED 49.5 million project, which was recently awarded to HLG Contracting, brings the total value of Gate Avenue at DIFC to over AED 1 billion ($272 million). Work is scheduled to start in August 2017, and is due to be completed by May 2018.
“Work on the much-anticipated Gate Avenue at DIFC continues to build momentum towards the opening in 2018. Thanks to the remarkable work delivered by the construction team, the overall design and structure of the project has already started to take shape. We are now a few months away from seeing this flagship development come to life, marking a significant milestone in the delivery of DIFC’s 2024 strategy,” said Nabil AlKindi, DIFC’s Chief Real Estate Officer.
Spanning across 660,000 square feet of built-up area and 880 metres in total length, Gate Avenue at DIFC will link the podium levels of all buildings located in DIFC, from the Gate Building to Central Park Towers. Upon completion, the AED 1 billion flagship development is set to enhance the DIFC’s position as a 24/7 destination with over 200 dining, boutique, retail and entertainment options, as well as a specially-designed new mosque.
The remaining construction is proceeding on schedule, with the handover of units to retailers for fitting out expected to start later this year. HLG, the leading specialist contractor in the region, is undertaking the construction work for Gate Avenue at DIFC.