First phase of the Dubai Financial District

The initial phase of the Dubai Financial District, the real estate component of the prestigious Dubai International Financial Centre (DIFC) project, is well underway and on schedule.  The DIFC’s headquarters building, The Gate, is on course to be completed by the end of the first half of 2004. The piling and excavation work has already been completed. 

Naser Nabulsi, DIFC CEO, said:

“We are making good progress and I expect the building to be completed on schedule.  It has taken a huge amount of effort on behalf of the architects, contractors, Dubai authorities, and my DIFC colleagues, to get us to this point so quickly.”

“The Gate will be a national landmark and is symbolic both in name and design, because it embodies the vision that drives the DIFC; to position Dubai as the regional gateway for the flow of capital and investment into and out of the region.”

According to Marwan Khalifa Al Falasi, Project Manager, DIFC Real Estate Development, the DIFC has recently awarded the contracts for the construction of The Gate building to Nasa Multiplex LLC as General Contractor, ETA M&E Div as MEP Contractor and ETA Melco for Conveying Systems.

The Gate will be the signature building of Dubais financial city within a city development. Its iconic design was the subject of an international competition, which was awarded to US architect Gensler, on 12th September 2002

Described as a massive processional archway, The Gate will be fifteen stories high comprising of 46,000 square metres of prime office space with retail outlets on the ground level and a three-storey basement car park for approximately 1,500 cars.  The DIFC’s executive offices will be located on the top two levels, which will occupy approximately 7,000 square metres. The proposed Dubai Regional Exchange will also be headquartered in the building, occupying approximately 2,000 square metres on two floors.

The construction period will take approximately 13.5 months and is scheduled for completion in July, 2004.

John Ferguson, Director & Area Manager, Nasa Multiplex LLC said,

“This is a unique project for us and one that we are extremely pleased and proud to be involved with.  Dubai is establishing itself as a world class financial centre and this will be supported by our world class construction team .”

Several of the worlds largest investment and wholesale banking institutions have already expressed a keen interest in establishing operations within the DIFC.