Dubai International Financial Centre (DIFC) has named its Gate Village Building 11 project The Exchange, saying it is scheduled for completion in the first quarter of 2018.

Built at a total construction cost of AED180 million ($49.1 million), The Exchange will have a total leasable area of 147,000 sq ft, made up of office and retail space, a statement said.

It added that a concourse floor, located on the podium level of The Exchange, will offer F&B offerings from two world-class restaurants which will front onto The Exchange Square, a landscaped piazza.

Long-standing DIFC tenant Nasdaq Dubai has confirmed its relocation from DIFC Precinct Building 5 to the eighth floor of The Exchange.

The first floor of the development will include a business centre, with seven additional office floors above it while the top floor will provide a dedicated rooftop space for restaurants.

Following the appointment of Khansaheb as the main contractor last year, concrete works of the substructure have been completed, with the podium level on target for completion later this month.

The concrete skeleton of the structure will be completed by July, with completion of The Exchange expected in the first quarter of 2018.

Nabil Al Kindi, executive vice president of DIFC Property Development, said: “The Exchange is a very attractive addition to our existing Gate Village and highlights our efforts to continuously enhance the appeal of DIFC, a destination beyond a financial centre.

“This latest development is testament to the significant demand for space at DIFC, as we endeavour to further develop our infrastructure and offering to meet the requirements of our growing community, in line with our 2024 strategy.”