The CEO of DIFC Properties, Brett Schafer, reveals why phase two of the Dubai International Financial Centre masterplan revolves around new hotels, food and beverage, and an arts and culture scene to rival that of London’s Barbican
In a matter of just 10 years, Dubai International Financial Centre (DIFC) has proven itself on the global stage, with its financial ecosystem and infrastructure combining to trump the likes of Sydney, Luxembourg and Paris in the latest IMF World Bank listings.
A 110-acre free zone, the DIFC is now home to 1000+ companies, with 15,000 employees, across 15 million square feet of development. It aims to attract the very best, with 20 out of 25 of the world’s top banks, six out of 10 top global law firms, 11 out of 20 top money managers and six out of 10 of the world’s largest insurance companies established.
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In both 2012 and 2013, DIFC ranked sixth in the world’s top international financial centres, as ranked by the IMF World Bank, behind only London, New York, Singapore, Hong Kong and Frankfurt.
In addition, DIFC has asserted its goal to be “more than a place to do business”, with a reputation as both a culinary hotspot and an arts and culture destination now firmly cemented in the Dubai community.
Now, as it celebrates its first decade of business, DIFC is gearing up for expansion, with phase 2.0 of a reworked masterplan ready for roll out and another 10 million square feet of development to come.
A new 10-year plan has been identified, which includes both the mandate to support Dubai’s mission to become the capital of Islamic Economy, as well as facilitate growth that will meet the real estate needs of DIFC clients and residents and establish DIFC firmly as a business and lifestyle destination.
Central to this vision will be the addition of hotels, restaurants, and arts and entertainment amenities that rival those of the leading financial centres.
The man tasked with delivering this is Brett Schafer, CEO of DIFC Properties, an independent entity established in July 2012 as part of DIFC Investments to manage the Centre’s real estate masterplan.
Appointed in 2013 and reporting to the board, Schafer brings with him 30 years’ commercial property experience, including the development of Dubai Festival City during an earlier role leading Al-Futtaim Group Real Estate, where he was responsible for projects and assets worth US $25bn.
Schafer is focused on finalising business plans for the first of the projects in phase 2.0, with a view to be awarding construction contracts before the end of the year.
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