Dubai: DIFC plans $136m for infrastructure in 2016
DIFC's plans to expand its infrastructure include the $40m Gate Village 11 and $81.7m-$95.2m Spine projects
Dubai International Financial Centre (DIFC) will reportedly invest $136.1m (AED500m) into the development of new infrastructure this year.
Of this amount, $40.1m (AED150m) will be allocated for the development of Gate Village 11.
Furthermore, $81.7m-$95.2m (AED300m-350m) will be spent towards the DIFC Spine project, which is aimed at linking all developments within the hub.
DIFC's under-construction developments include the Gate Building 11 project, worth $55.9m (AED205m), which broke ground in 2015.
Due for completion at the end of 2017, the 1.85ha building will include DIFC's fifth business centre, office space, and retail outlets.
All these projects will be funded from the organisation's accrued cash reserves, and according to Gulf News, DIFC said it has no plans to raise funds in the immediate future.