The Dubai International Financial Centre announced a AED100B ($27B) expansion that will almost triple the free zone’s footprint by 2040, reinforcing Dubai’s ambition to defend its first-mover advantage as regional financial competition accelerates.
The DIFC Zabeel District will add 17.7m sq ft of gross floor area, extending the centre across Al Mustaqbal Street from Gate Village. Designed to accommodate 125,000 professionals and more than 40,000 companies, the development significantly scales DIFC’s capacity as a global financial hub.
Established in 2004, DIFC is home to 289 licensed banks and capital markets firms, overseeing nearly $240bn in banking assets: a threefold increase over the past decade.
At Zabeel, office space will represent 44% of total built area, with residential accounting for 35%. The remainder will be allocated to hospitality, retail, education and cultural assets. The project will be delivered in six phases through to 2040, funded by DIFC revenues and international capital market borrowings.
DIFC ended last year with over 8,000 active companies, 48,000 professionals, and 100 registered hedge funds. Dubai currently ranks 11th globally in the Global Financial Centres Index, compared with 28th for Abu Dhabi.
IFC Oman unveiled its plans to open earlier this month, with the Sultanate opening the IFC by the end of 2026. GCC capitals are eyeing up further market growth although the market is saturated; Oman is scheduled to target niche and high-growth financial sectors contrary to DIFC which is betting it’s future growth on hedge funds and family offices.
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