What Slump? Dubai Finance Hub Plans Canary Wharf-Sized Expansion - Bloomberg:
Dubai plans to triple the size of its financial district, adding an area almost the size of London’s Canary Wharf, even as the emirate faces slower growth and rising competition from neighboring banking hubs.
The expansion, dubbed DIFC 2.0, will add 13 million square feet (1.2 million square meters) to the center over several phases, with a focus on fintech and innovation, the district’s operator said. It’ll include 6.4 million square feet of office space, as well as homes, shops and hotels. Canary Wharf in East London covers an area of 16 million square feet.
Opened in 2004, the Dubai International Financial Centre propelled the city to the region’s top spot as a banking hub and attracted lenders such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., as well as asset managers and insurers, with promises of zero taxes for 50 years.
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