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Dubai financial district looks to ‘astronomical’ growth in Asia, Africa

Published: Updated:

The Dubai International Financial Center (DIFC) is eyeing ‘astronomical’ economic growth in South Asia and Africa as it embarks on a Dh15 billion ($4bn) expansion drive.

Jeffrey Singer, chief executive of the tax-free business zone, says Dubai is well positioned to take advantage of the forecast growth in the two regions over the next decade.

“Dubai is perfectly poised to take advantage of what’s going to be an astronomical growth… We will grow along with that,” Singer told Bloomberg News.

The DIFC, which opened in 2004, is a ‘free zone’ with its own code of law governing financial services. It has about 1,000 members, including Goldman Sachs International, Morgan Stanley & Co. International and the State Bank of India.

DIFC Properties, which oversees the property development of the zone, said earlier this month that it plans to spend Dh15bn on expansion over the next 10 years, in a bid to attract more global firms.

The plan includes a mixed-use facility comprising offices, residential and retail units.