By: Amr Adel
Dubai – Mubasher: Dubai International Financial Centre (DIFC) plans to invest AED 800 million in two real estate projects in 2017.
The first project is Gate Avenue which is valued at AED 600 million, with its first phase likely to be opened by the end of this year and the second to be launched in the first quarter of 2018, DIFC governor Essa Kazim said on the sidelines of a press conference.
Completed by 25%, Gate Village 11 is another project scheduled to be delivered this year with total investments of AED 200 million, Kazim added.
DIFC has a good liquidity which reached AED 1.2 billion by the end of 2016, he said, adding that there is no need to issue sukuk to fund the entity's current expansions.
The centre achieved profits of AED 421 million in 2016, up 7% year-on-year, the governor noted.
With the beginning of 2017, DIFC will continue to take advantage of any opportunities related to new technologies and emerging markets in the Middle East, Africa, and South Asia.
The centre targets to annually grow by 10% until 2024, as part of its strategy to triple its business volume, Kazim noted.
Translated by: Julian Nabil
