The Dubai International Financial Centre (DIFC), is gearing up for a major expansion. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved the new plan, the DIFC 2.0, which will add 13 million square feet of space to the hub. The expansion plan will triple the scale of the existing financial centre. The Dubai ruler said the emirate is working towards cementing its position as a pivotal economic and commercial hub for the region in line with the "Fifty-Year Charter" recently announced by His Highness that aims to accelerate Dubai’s and the UAE’s development.