Dubai International Financial Centre (DIFC), the premier global financial hub in the Middle East, Africa, and South Asia (MEASA) region, celebrated a significant milestone today with the groundbreaking ceremony of the Immersive Tower by DIFC, the latest addition to Dubai’s financial district.

The ceremony was graced by the presence of His Excellency Essa Kazim, Governor of DIFC, and Arif Amiri, Chief Executive Officer of DIFC Authority, alongside other distinguished representatives including Alya Al Zarouni, Chief Operating Officer, DIFC Authority, Saleh Al Akrabi, Chief Real Estate Officer, DIFC Investments Ltd, and Mohammad Yousuf Al Najjar, Senior Vice President – Development and Projects – Property Development at DIFC Investments Ltd.

The AED 1.1 billion commercial tower, spanning a total built-up area of 115,000 square meters, is strategically positioned within DIFC adjacent to Daman Tower, offering panoramic views of the ICD Brookfield tower. It signifies DIFC’s commitment to meeting the evolving demands of businesses within its dynamic ecosystem by increasing the supply of prime office space.

The year 2023 witnessed a surge in demand for commercial space in DIFC, with a combined occupancy rate of 92 percent across owned, managed, and third-party commercial properties.

Expressing his thoughts, His Excellency Essa Kazim stated, “With the continuous influx of regional and international financial institutions, FinTech, and innovation firms into DIFC, we recognize the necessity for Grade A office spaces that cater to the evolving needs of the workplace. The Immersive Tower by DIFC seamlessly integrates commercial, amenity, and retail spaces, delivering a world-class environment to businesses seeking innovative mixed-use settings in Dubai’s financial district.”

Conceptualized by AEDAS and developed by DAR Group, the 37-storey Immersive Tower by DIFC will encompass 58,573 square meters of office space, approximately 10,596 square meters of retail space, and over 680 square meters earmarked for amenities. Scheduled for completion in April 2027, the tower embodies a fusion of work, leisure, and luxury, tailored to meet the requirements of the future workplace.

In addition to office units of varying sizes, tenants will have access to a Members’ Club spanning across the 26th, 27th, and 28th floors, enhancing the overall work experience.

As part of its ambitious 2030 Strategy, aimed at reinforcing its position as a global financial hub for business and innovation, DIFC’s new commercial tower will cater to the needs of the burgeoning companies establishing their presence in Dubai.

The remarkable success of DIFC Living, the first residential project by DIFC, which sold out within 48 hours in 2023, underscores the robust demand for residential properties within the heart of DIFC.

Earlier this year, 15 DIFC buildings were awarded Platinum and Gold LEED certification, further emphasizing DIFC’s commitment to sustainability and environmental stewardship.

With businesses increasingly seeking quality office spaces, JLL’s UAE Real Estate Market – A Year in Review 2023 anticipates the entry of 156,000 square meters of gross leasable area into the country’s office sector in 2024, alongside an additional 160,000 square meters of retail space in Dubai alone.