The development will span 660,000 square feet and will be 880 metres in total length. There are also plans for it to become a hub for a variety of arts and cultural events, live music performances and festivals.
Gate Avenue is expected to be completed by the end of 2017 and is considered a vital component of DIFC’s strategy to triple in size by 2024.
“Gate Avenue at DIFC is a highly ambitious project that will see the centre develop from a leading financial hub into a prominent lifestyle destination by changing the face of urban development in the region,” said Nabil Alkindi, executive vice president of Habtoor Leighton Group, who have just been awarded the Dhs500 million ($136 million) contract, taking the total cost to Dhs1billion.
The project is likely to push Dubai up in the most attractive global financial centre rankings, already 13th ahead of established hubs such as Shanghai, Frankfurt and Luxembourg.