(MENAFN) Dubai International Financial Centre (DIFC) announced it is planning to double its size over the next decade with the joining of companies from China and South-east Asia, Arab News reported.
The zone said that its expansion plans come as the result of the shift that it currently happening, which is moving from the traditional financial centers such as London and New York and coming into the Middle East due to the increase in wealth in the emerging markets of the region, as well as the increasing importance of region as a hub.
DIFC already is the base of operations for many international banks, law and advisory firms and insurance companies, with expectations that the doubling in size will happen in terms of floor space, the number of people working in the center and the number of companies there.
The DIFC, which currently has around 15.2 million square feet of office and other space, such as retail and hotels, plans to add an extra 10.2 million square feet to its space.
"We've been growing very fast, in terms of the number of companies and people that are working in the DIFC, and if you extrapolate that, we'll manage to double everything in the next 10 years," DIFC Governor said.
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