Dh475m Gate Avenue on track to open in DIFC in 2017

Dubai International Financial Centre (DIFC) Authority has initiated a construction work on Dh475 million Gate Avenue project and it will be ready to start operations as per schedule in fourth quarter of 2017, its top official says.
The state-of-the-art urban living development, which was announced in April this year, will offer 660,000 square feet of build-up area incorporating all aspects of living i.e. business, leisure and residential and paves the way for sustained progress of the financial centre ranked number one in the Middle East and Africa and 13th globally in the Global Financial Centres Index.
"The Gate Avenue project is on target to open in fourth quarter of 2017 and in terms of construction, we have already begun the enabling works," Arif Amiri, chief executive officer of DIFC Authority, told Khaleej Times in an exclusive chat.
Gate Avenue at DIFC connects all elements of the centre's master plan, establishing the district as a leading global destination and will feature more than 150 boutiques and retail outlets. The project will emerge as a premium lifestyle destination offering vibrant and world-class amenities to the financial centre's diverse community of professionals, residents and visitors.
"We are currently in talks with both, local and international retailers, as well as novel home-grown concepts that are interested in leveraging on the various advantages of leasing property at Gate Avenue at DIFC," Amiri said.
"We will be providing further updates in due course but we are confident that the project will deliver on its promise to elevate the centre to a premium lifestyle destination, which will significantly increase the size of the retail portfolio at DIFC," he added.
Gaining popularity
Last week, the DIFC said 1,539 companies, including 425 financial and 914 non-financial firms, are now based in the business park with over 21,000 employees. The centre posted strong 16 per cent year-on-year growth in registration of new companies during January-June 2016 period despite slowdown in global economy as leading international and regional groups including HSBC Holdings, Ahli United Bank of Bahrain and Bank of Palestine set up their offices in DIFC.
Occupancy rates remain extremely high representing the ongoing demand for DIFC space and in retail, the Gate Avenue project will significantly increase the size of the centre's retail portfolio.
"Our success in 2016 builds on the triumph of our record-breaking 2015. We are leveraging our position in the world's fastest growing region and at the heart of the Middle East, South Asia and Africa region worth $7.8 trillion," Amiri said.
Key milestones achieved
He said the first half of 2016 represents a number of key milestones achieved in delivering on the centre's forward-looking 2024 Strategy.
"We continue to grow at a rapid rate and our achievements outperform many competitors in a time of some global uncertainty. In particular, I was delighted to see us cross the 1,500 clients mark, welcoming 143 companies to make us home to 1,539 firms, representing 16 per cent growth on this time last year," he said.
"We also surpassed 21,000 professionals working in the centre's firms, an important landmark as we look to target a workforce of 50,000 professionals by 2024, meaning 42 per cent of the target has been met. As many as 21,076 employees, an increase of 14 per cent or over 2,500 new professionals, from this time last year, now work in the centre," he added.
Broader client's portfolio
In terms of DIFC clients' portfolio, he said these global firms come from around the world.
"Of the active financial firms based in the DIFC, 33 per cent from the Middle East, 18 per cent from the EU, 15 per cent from the UK, 12 per cent from the US, 12 per cent from Asia and a further 10 per cent from elsewhere in the world," Amiri explained.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of three billion and nominal GDP of $7.8 trillion.
Located midway between the global financial centres of New York, London in the west and Singapore and Hong Kong in the east, DIFC (GMT+4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing Africa, Southern Asia and Latin America.
"In line with our goal of facilitating trade and investment flows across the South-South corridor, the DIFC leadership team undertook a number of highly successful visits to international markets, such as China, India, Singapore as well as London and Luxembourg. We took this opportunity to showcase the centre's global leadership position and distinct proposition around the world. We will continue to visit our key markets in the second half of the year," Amiri concluded.
Structure of Gate Avenue
Gate Avenue at DIFC will feature three integrated zones, with a promenade level.
North Zone will extend from the Marble Walk at the Gate building. Geared primarily towards professionals working in the financial district, it will feature exclusive retail offerings, high-end stores and luxury outlets.
Central Zone will be home to a new community of culinary excellence, combining beautiful indoor restaurants and sumptuous al-fresco eateries. Alongside them, the zone will also incorporate high-street retail, fashion and beauty brands as well as convenience stores serving the metro traffic.
South Zone will cater primarily to the residential community and visiting families. Its retail mix comprises lifestyle, health and leisure categories, kids' edutainment, family recreational activities and F&B.
Promenade Level: Apart from dedicated entrances, the zones will also be accessible through the Promenade that acts as an iconic connector. Covering approximately an area of 1km, the Promenade will bridge the space of the entire free zone with its magnificent green architecture and well-appointed outdoor spaces, ideal for leisurely strolls.    
muzaffarrizvi@khaleejtimes.com