Construction work is set to begin on a AED 1 billion ($272m) retail development at the Dubai International Financial Centre (DIFC), it has been announced.

Habtoor Leighton Group has been awarded a contract worth an estimated AED 500 million ($136m) for the planned Gate Avenue at DIFC project.

Construction works on the “urban premium lifestyle, cultural and entertainment development” are set to begin shortly and complete by the end of 2017, a DIFC statement said.

The project is set to include indoor and outdoor themed areas and walkways, linking the podium levels of all buildings located in the DIFC.

Plans for Gate Avenue include over 200 dining, retail and entertainment options, a new mosque, all in a project spanning 660,000 square feet of built-up area and 880m in total length.

“Gate Avenue at DIFC is already worth AED 450 million approximately with the existing truck tunnel and master plan infrastructure in place,” the statement said.

“Combined with the new contract, this will elevate the full development cost to an estimated AED 1 billion, reflecting the size, scope and ambition of this major project.”

Nabil Alkindi, Executive Vice President of Property Development at the DIFC, said the project will see the centre develop from “a leading financial hub into a prominent lifestyle destination”.

Nabil Alkindi

Alkindi added: “Bringing Habtoor Leighton Group on board as our primary construction partner moves the project into its active development phase and we are excited to see the project physically take shape in the coming months. Gate Avenue at DIFC will connect our vibrant and dynamic community of over 21,000 professionals, as well as residents and visitors, in one central location.”