Staff Report,
Dubai, UAE
Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has broken ground of its latest project, Immersive Tower by DIFC. The Dh1.1 billion commercial tower, with a total built-up area of 115,000 square metres, is strategically located within DIFC adjacent to Daman Tower, overlooking the ICD Brookfield tower. It is scheduled for completion in April 2027.
The ground-breaking ceremony was held in the presence of Essa Kazim, Governor of DIFC, and Arif Amiri, Chief Executive Officer of DIFC Authority. Other representatives at the event included 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.
Essa Kazim, Governor, DIFC, said, “With the ever-growing number of regional and international financial institutions, FinTech and innovation firms establishing in DIFC, we recognise the requirement for Grade A office space catering to workplaces of the future. The Immersive Tower by DIFC, seamlessly brings together commercial, amenity and retail spaces, delivering a world-class offering to businesses seeking innovative mixed-use environments in the heart of Dubai’s financial district.
Conceptualised by AEDAS and developed by DAR Group, the 37-storey, mixed-use Immersive Tower by DIFC encompasses 58,573 square metres of office space and approximately 10,596 square metres of retail space while over 680 square metres has been earmarked for amenities. In addition to office units ranging in size from 60 square metres to 158 square metres, tenants at the Immersive Tower by DIFC will also have access to a Members’ Club, located across the 26th, 27th, and 28th floors.
2023 saw high demand for commercial space in DIFC, with owned, managed, and third-party commercial properties combined, closing out the year with 92 percent occupancy. As it continues to strengthen its position as a global financial hub for business and innovation under its 2030 Strategy, the new commercial tower will support the needs of the growing number of companies setting up a base in Dubai.
According to Jones Lang Laselle’s (JLL) UAE Real Estate Market – A Year in Review 2023, 156,000 square metres of gross leasable area is expected to be added to the country’s office sector in 2024 as businesses demand quality space, while an additional 160,000 square metres of retail space is anticipated to enter Dubai alone.
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