#PROJECT: DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC)

[Parisian Girl]

Revised rents range between Dh160 and Dh280 per sq ft, compared with up to Dh500 earlier

By Vicky Kapur | Published Sunday, December 12, 2010


The new pricing structure will stimulate economic growth by creating a cost competitive business environment. (FILE)

The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East and South Asia region and the world, announced today that it was slashing the rents for offices located within the centre by up to 50 per cent in a bid “to enable new and existing companies operating from the centre to continue the growth and expansion of their businesses”.

According to a media statement, the DIFC said the revised pricing structure, which also includes a reduction in operational fees that the centre charges its tenants, is expected to stimulate economic growth by creating a cost competitive business environment in the global financial sector.

Emirates 24|7

[Parisian Girl]

By Shuchita Kapur

18 Dec 2010

Driven by a decline in demand and an increase in supply of office units in the emirate, selling price of commercial spaces in Dubai recorded a drop of more than 20 per cent in the first 10 months of 2010.

An 'Emirates 24|7' analysis of Better Homes data reveals the average selling price for offices has dropped from Dh1,425 per square feet (psf) in January this year to Dh1,137 in October, registering a drop of 20.54 per cent.

This in effect makes it less expensive for existing and new businesses to expand or set up shop in Dubai even as a number of businesses relocate their existing offices to better locations within the emirate, and more entities from neighbouring emirates and countries once again eyeing office space in Dubai.

DIFC and Downtown Burj Dubai saw similar declines. DIFC office selling rates fell 16.66 per cent from Dh1,800-3,000 psf to Dh1,800-2,200 psf. Downtown Burj Dubai rates fell by 17.77 per cent from Dh2,000-2,500 psf to 1,200-2,500 psf.

http://www.zawya.com/story.cfm/sidZA...iness%20Allure

[Parisian Girl]

By Ed Attwood | Monday, 27 December 2010 3:32 PM

Carlyle Group, the world’s second-biggest buyout firm, is to establish an investment vehicle in Dubai International Financial Centre under a new legal and regulatory process.

The firm is the first to trial the scheme, which allows firms based outside the tax-free business park to establish and advice investment funds from inside the zone.

Under the old regime, Carlyle’s Dubai investment team was only allowed to offer advisory services to funds based outside the emirate.

The new rules – which were introduced in July this year – will see Carlyle establish an investment vehicle to partner with its existing fund, Carlyle MENA Partners, and manage funds for larger investors in DIFC.

http://www.arabianbusiness.com/carly...fc-369509.html

[Parisian Girl]

By Staff | Published Sunday, February 06, 2011

A total area of approximately two million square feet of commercial office space is expected to be delivered by third party developers over the next 18 to 24 months at the Dubai International Financial Centre (DIFC), a statement said.

Demand for space at DIFC continued to grow during the second half of 2010 fuelled by the Centre’s attraction among new regional and international clients and the appetite of existing clients for business expansion.

http://www.emirates247.com/business/...02-06-1.352403

[Parisian Girl]

The open plan reception area at Jones Day.


The intricate wooden 'fins' stand at the entrance.


A view of the reception from the mezzanine level.

by CW Staff on May 4, 2011

Outcast has completed its first office interior regarding a design that has pushed the boundaries of a typical commercial space, using a solution rooted in the traditions of hospitality.

Jones Day is not your average American law firm. It has approximately 2,500 lawyers across 37 locations worldwide and earlier this year announced it was opening three associate offices in the Kingdom of Saudi Arabia in Riyadh, Jeddah and Alkhobar.

It moved to a new office in Dubai this month where it commissioned Outcast to create a complex blend of hospitality and commercial interior design for the 33rd floor of Currency Tower, Dubai International Financial Centre (DIFC).

http://www.constructionweekonline.co...193-law-order/

[Dubaiiscool:)]

6 June 2011

As part of its ongoing support of art, the Deutsche Bank Middle East Foundation announced today the opening of “Global Balance”, an open air display of 25 balancing sculptures dotted across the Dubai International Financial Centre (DIFC) and suspended from wires from its buildings, including the DIFC's iconic headquarters The Gate.

The exhibition features statues depicting circus jugglers, trapeze artists, birds of prey and the human form in its various manifestations.

The statues are the brainchild of Polish artist Jerzy "JOTKA" Kedziora, the only artist in the world who produces such unusual pieces of art that focus on the kinetic properties of sculpture. The sculptures achieve balance as their centre of gravity lies below the fulcrum, making it impossible for them to capsize.

Henry Azzam, Chairman of the Deutsche Bank Middle East Foundation and the Bank's regional Chairman, said “As part of our social responsibility commitment in the Middle East, we aim to promote art, and grant regional audiences access to such memorable experiences as “Global Balance”. If the aim of art is to give perspective and provide inspiration thus giving us insight and a fresh different view, then we feel that we have succeeded in achieving this both literally and figuratively through this exhibition.”

The exhibition will run for 3 months from 6 June 2011, until 6 September 2011. As part of its CSR commitment towards education, Deutsche Bank has also arranged with the artist to hold seminars and workshops for art students . In addition, a unique sculpture from the collection will be auctioned at a charity event organized by the Bank.

Abdulla Mohammed Al Awar, CEO of DIFC Authority said: "We, at DIFC, place an emphasis on setting the art scene and developing an arts culture that is appreciated by the growing population within our community. We are delighted to host this unique art exhibition at the Centre."

Established in 2008, The Deutsche Bank Middle East Foundation is the latest initiative to join the family of the Bank's foundations in Asia, Africa and the Americas.

The Deutsche Bank Middle East Foundation focuses on funding investments in arts, education, community development, sustainability, and volunteering in the Middle East North Africa region.

http://www.difc.ae/news/deutsche-ban...dquarters-difc

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[LoverOfDubai]

Those are very nice. I wish they were permanent.
Thanks Dubaiiscool for sharing.

[Ducco]

Very elevating exposition! Thanks to all involved!

[HappyLarry]

Excellent pics.

[israma]

When Does DIFC plan to finish the corredor which suppose to conect the whole area? It doesn't even make any sense they are keeping this area like this for this long. How the hell DIFC plans to atracct companies and investors to this area if they show it unfinished and full with dust. How DIFC plans to become one of the most important financial centres if the show this patetic image to any investor that comes to this place. I think it comes a moment that DIFC should really take some action in this area before Abu Dhabi finish its project and make it better, taking the name as the main international financial centre in Emirates... if that happens it won't be a second chance for DIFC.

[AltinD]

DIFC, is a Free Zone allowing for 100% foreign ownership. Abu Dhabi has nothing of this nature and does not have any intention to ... plus the business and trade happens in Dubai, not in Abu Dhabi.

[israma]

Originally Posted by AltinD

DIFC, is a Free Zone allowing for 100% foreign ownership. Abu Dhabi has nothing of this nature and does not have any intention to ... plus the business and trade happens in Dubai, not in Abu Dhabi.

But that's not an excuse to keep the area completly unfinished and abandoned. So, as you said, since DIFC is the business, financial and trade hub of the whole Emirates, its image should be different.

[AltinD]

Lack of money is the excuse ... and I said Dubai, not DIFC.

[Desert Diver]

A couple of recent pics from DIFC












Cheers,
Sebastian

[luv2bebrown]

very VERY nice work.

[Jim856796]

Is there any chance that the Dubai International Financial Centre is gonna be built out soon?

[The-King]

02/01/2012
good overview of the DIFC, but not very motivating to see all those unfinished/empty plots. Better details in High-Res.
image hosted on flickr

Source: http://www.flickr.com/photos/arminro...57628731865279
High-Res: http://www.flickr.com/photos/arminro...7628731865279/

[Imre]

11/February/2012

DIFC

[madhurag]

Property investors put off by DIFC’s ‘inflated’ registration fees

By Parag Deulgaonkar
Published Wednesday, February 29, 2012

The Dubai International Financial Centre (DIFC) is charging buyers a much higher registration fees for real estate transactions within its jurisdiction.

Notwithstanding the fact that the DIFC charges the buyer a 3.5 per cent transfer fees (as opposed to 2 per cent elsewhere in Dubai’s freehold property landscape), the real estate section of the regional financial hub does not recognize a property’s market value (as assessed by RERA-approved valuation firms) or even the actual transaction price.

http://www.emirates247.com/property/...02-29-1.445738

[Desert Diver]