UK Free Zone for Dubai complete with luxury residences
UK Free Zone for Dubai complete with luxury residences
A UK Free Zone is to be created in Dubai. The zone will contain companies operating under UK Common Laws and will include luxury residential units as well as commercial and cultural centres.
The DIFC District has been created by DIFC Lifestyle, part of the Dubai International Finance Centre (DIFC) and is part of a
Free Zone, which operates under UK law and has its own court, UK judges and regulatory authorities, reports Overseas Property Professional (OPP). The development represents the first time such an agreement has been reached between two different countries this way in the region.
The multi-billion pound mixed use development in
Dubai will contain 45 million square feet of
luxury residential facilities and prices in the residential development will range from £500 to £700 per square foot.
"DIFC Lifetyle will stretch over a 1.2km climate controlled boulevard providing 2.5 million square feet of high-end retail outlets, art galleries, cultural facilities, restaurants and cafes linked into the future
Dubai metro system," writes OPP.
The aim of the development is to build a place "where Bond Street and the West End meet Canary Wharf, to create a truly unique lifestyle experience", offering "everything expected of a world-class cosmopolitan city", according to its creators.
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