Dubai: His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the revolutionizing plan, DIFC 2.0, which will result in the expansion of the Dubai International Financial Centre (DIFC), adding a wider 13 million square feet of space to the hub. The phased growth plan is expected to triple the scale of the financial hub.

His Highness Sheikh Mohammed said enhancing the financial sector is a primal concern that will back the economic future of Dubai and further boost investor confidence, given the vital contribution it makes to Dubai's economy mainly through DIFC.

"The financial sector remains one of the cornerstones of our economy. We are keen that the development of infrastructure is matched by the development of legislation by continuously reviewing it to ensure it is among the best in the world and that it can facilitate the best environment for supporting greater excellence and achievement," Sheikh Mohammed said.

During his visit to DIFC, Sheikh Mohammed was accompanied by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC; Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group; Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Mohammed Bin Rashid Al Maktoum Knowledge Foundation; and Sheikh Mansour bin Mohammed bin Rashid Al Maktoum.

"The next phase requires the introduction of the latest technologies that can support the growth of various business sectors. We are not only trying to meet the requirements of the present time but also be a major contributor to shaping the future of the world's economy and positively influence greater well-being for the world. We are confident that Emiratis will be successful in achieving this strategic objective," Sheikh Mohammed added.

The development of DIFC 2.0 is expected to begin soon and will be completed in several stages. The new district post completion will include 6.4 million square feet of office space, 2.6 million square feet of creative space, 1.5 million square feet of residences, 1.3 million square feet of retail space and 700,000 square feet dedicated to leisure and entertainment.

Currently, the DIFC comprises of more than 22,000 professionals working across over 2,000 companies in the district.