Construction of building at the Dubai financial centre to cost $55.8 million and is set to complete in 2017
The Dubai International Financial Centre (DIFC) has announced that it has broken ground on the construction of its 11th office building in the Gate District.
The Gate Village Building 11 will be built on the boulevard facing the Jumeirah Emirates Towers, with construction set to cost $55.8 million, DIFC said in a statement. Completion of the project is expected in the second quarter of 2017.
Gate Building 11 will have a built-up area of 18,580sqm, while the premises will offer 14,864sqm of office space. Approximately 3,716sqm will be reserved for retail and F&B outlets.
“Our sustained growth and the back-to-back opening of office spaces that boast the most advanced facilities reaffirms our commitment to supporting our clients through growing the Centre and stepping up its contribution to the growth of the financial sector in Dubai and the wider UAE,” said Essa Kazim, governor of DIFC.
“With all our buildings at the DIFC Gate District fully occupied at present, the new development will ensure that we continue to meet the demand for best-in-class office spaces in the financial district in the next exciting phase of growth,” he added in the statement.
Once complete, Gate Village Building 11 will have six floors of offices, complete with high-end finishes and fit-out. An entire floor will be dedicated to business centres that will be equipped with advanced office facilities and secretarial services. Parking for up to 362 vehicles will also be provided for through three subterranean levels and two podium floors.
The building will also feature retail and F&B outlets on the podium, which opens out onto a landscaped piazza that connects to the Gate Village Podium. A rooftop restaurant will also be built, which will feature both indoor and outdoor space. These F&B outlets are part of DIFC’s plan to expand on its well-known array of destination restaurants.
“We have initiated a new wave of developments at the financial hub in line with the DIFC Masterplan that was announced earlier this month as part of our 2024 strategy to triple our growth. The development of the Gate Building 11 will put us in prime position to leverage new opportunities and accelerate our future growth,” concluded Kazim.