DUBAI, 2nd May, 2024 (WAM) – Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, marked a significant milestone today with the ground-breaking ceremony of the Immersive Tower by DIFC, the latest architectural landmark within the heart of Dubai’s financial district.
The ceremony was held in the presence of Essa Kazim, Governor of DIFC, and Arif Amiri, Chief Executive Officer of DIFC Authority. Other representatives at the event included Alya Al Zarouni, Chief Operating Officer, DIFC Authority, Saleh Al Akrabi, Chief Real Estate Officer, DIFC Investments Ltd, and Mohammad Yousuf Al Najjar, Senior Vice President – Development and Projects – Property Development at DIFC Investments Ltd.
The AED1.1 billion commercial tower, with a total built-up area of 115,000 sq. m., is strategically located within DIFC adjacent to Daman Tower, overlooking the ICD Brookfield tower, and embodies the Centre’s vision to increase the supply of prime office space to meet the evolving needs of businesses establishing and expanding within its thriving ecosystem.
2023 saw high demand for commercial space in DIFC, with owned, managed and third-party commercial properties combined, closing out the year with 92 per cent occupancy.
Essa Kazim, Governor, DIFC, said: “With the ever-growing number of regional and international financial institutions, FinTech and innovation firms establishing in DIFC, we recognise the requirement for Grade A office space catering to workplaces of the future. The Immersive Tower by DIFC, seamlessly brings together commercial, amenity and retail spaces, delivering a world-class offering to businesses seeking innovative mixed-use environments in the heart of Dubai’s financial district.”
Conceptualised by AEDAS and developed by DAR Group, the 37 storey, mixed-use Immersive Tower by DIFC will meet all the needs of the modern workforce and encompasses 58,573 sq. m. of office space and approximately 10,596 sq. m. of retail space while over 680 sq. m. has been earmarked for amenities.
Scheduled for completion in April 2027, the new commercial property represents a seamless fusion of work, leisure, and luxury, and is designed to suit the needs of the workplace of the future. In addition to office units ranging in size from 60 sq. m. to 158 sq. m., tenants at the Immersive Tower by DIFC will also have access to a Members’ Club, located across the 26th, 27th and 28th floor.
As DIFC continues to strengthen its position as a global financial hub for business and innovation under its ambitious 2030 Strategy, the new commercial tower will support the needs of the growing number of companies setting up a base in Dubai.
The first residential project by DIFC to open for sale in 2023, DIFC Living, fully sold out within 48 hours, further demonstrating the strong demand for residential property in the heart of DIFC.
Earlier this year, 15 DIFC buildings were awarded Platinum and Gold LEED certification including The Gate, one of Dubai’s most iconic buildings, which was awarded Platinum certification.
According to JLL’s UAE Real Estate Market – A Year in Review 2023, 156,000 sq. m. of gross leasable area is expected to enter the country’s office sector in 2024 as businesses demand quality space, while an additional 160,000 sq. m. of retail space is anticipated to enter Dubai alone.
