By Elias Al Helou
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DIFC’s remarkable growth in H1 2023 reinforces Dubai’s status as a leading financial hub

Sheikh Maktoum: DIFC to play vital role in Dubai's sustainable development
DIFC’s remarkable growth in H1 2023 reinforces Dubai’s status as a leading financial hub
DIFC

In the first half (H1) of 2023, the Dubai International Financial Centre (DIFC) experienced remarkable growth, with 661 new entities registering in the center. This represents an impressive double-digit growth of 23 percent year-on-year (YoY).

DIFC’s performance highlights its increasing influence in shaping the future of finance. It also enhances Dubai’s status as a leading growth catalyst for financial institutions, FinTech firms, and innovation companies in the region.

Read more: DIFC Courts sets record with AED 15 bn in H1 2023 claims

DIFC’s total number of operating companies increased YoY to 4,949 at the end of June 2023 from 4,031. The number of firms in DIFC’s FinTech and Innovation sectors also grew by 35 percent YoY from 599 to 811, further solidifying its position as a global hub for these sectors.

DIFC now hosts 1,443 financial and innovation-related companies, representing a 15 percent YoY growth.

The significant increase in registered companies has resulted in a remarkable surge in job creation. The total number of employees based in DIFC increased by 3,057 to reach 39,140, reflecting a 20 percent YoY growth. This growth aligns with the objectives of DIFC’s 2030 Strategy, which aims to reinforce Dubai’s position as a leading global talent hub.

During H1, there was a high demand for commercial space, with DIFC leasing over 233,000 sq. ft. of owned and managed commercial space. The occupancy rates were at an impressive 99 percent.

Vital role

DIFC will play a vital role in Dubai’s efforts to achieve sustainable development and leverage advanced financial technologies. This is according to Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC.

Essa Kazim, DIFC’s governor, believes that Dubai’s global leader status will help DIFC stand out to international finance and business communities. He added that this differentiation will help DIFC continue to contribute to the economy.

For his part, Arif Amiri, CEO of DIFC Authority, commented that the remarkable success of DIFC in the first half of 2023 highlights its role in shaping the future of finance. He added that the commitment to growth has resulted in outstanding outcomes, including a significant surge in job creation due to client attraction and expansion. 

For more news on DIFC, click here.

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