Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa, and South Asia, announced today record financial results for 2024, coinciding with its 20th anniversary.
DIFC’s total revenues for 2024 reached AED1.78 billion ($484 million), marking the largest annual increase since the center’s inception and a 37 percent rise from its record-breaking performance in 2023. Operating profit surged to AED1.33 billion, up by 55 percent.
“Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE’s economic landscape, in line with the Dubai Economic Agenda, D33. DIFC’s Strategy 2030 continues to position us as the region’s top global financial center and one of the world’s leading financial hubs,” stated Essa Kazim, governor of DIFC.
Center sees record growth in new registrations
The center now houses 6,920 active companies, a 25 percent increase from 5,523 in 2023. DIFC also recorded 1,823 new registrations in 2024, the highest annual figure to date, reflecting a historic 25 percent growth.
The technology and innovation sector remained the fastest-growing in DIFC, driven by the launch of the Dubai AI Campus. The sector saw a 38 percent year-on-year increase, reaching 1,245 companies in 2024. Job creation from new and existing businesses expanded DIFC’s workforce to 46,078, a 10 percent rise.
In 2024, DIFC introduced two signature initiatives under the Dubai Universal Blueprint for Artificial Intelligence. The Dubai AI Campus has already become the region’s largest dedicated cluster of AI and Web3 companies.
Following the success of the DIFC Innovation license, the introduction of the Dubai AI license captured the attention of the international tech community. More than 120 companies secured the new license and joined the Campus in the initial six months of operations, substantially exceeding the first-year target of 75 firms.
“DIFC continues to strengthen its position as the region’s leading global financial center, welcoming organizations and talent that share our vision for shaping the future of finance. Looking ahead, we will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai’s status as the region’s top global financial center,” added Arif Amiri, CEO of DIFC Authority.
Region’s largest cluster of financial services companies
In 2024, DIFC also continued to lead the market in attracting new financial firms. Key new financial services registrations included Allfunds, ASK Wealth Advisors, Bank of Communications, Bluecrest, Blue Owl, Capricorn Fund Managers and China Taiping Insurance, among others.
DIFC is home to the region’s largest cluster of financial services companies. By the end of 2024, this included more than 260 banking and capital markets firms, 410 wealth and asset management companies—including 75 hedge funds—and 125 insurance and reinsurance firms, making it the region’s only global hub for the sector. The ecosystem also includes over 70 brokerage firms.
Highlighting the depth of DIFC’s financial ecosystem, its client base now includes 27 of the world’s 29 global systemically important banks (G-SIBs), eight of the top 10 global asset managers, five of the highest-ranked insurance brokers and five of the world’s 10 largest interdealer brokers by volume.
By the end of 2024, the Dubai Financial Services Authority (DFSA), DIFC’s independent regulator, supervised or regulated more than 900 entities operating within the center.
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DIFC workforce surges 43 percent in 2024
For over 20 years, DIFC has attracted talent from around the world. The AI, FinTech, and Innovation workforce has grown to 4,243, a 43 percent increase from the previous year, reflecting the rising caliber of professionals entering the ecosystem. DIFC also stands out for its gender diversity, with 37 percent of its workforce being female, a ratio that surpasses many leading financial centers globally.
Supporting talent through personal and professional development remains a key priority for DIFC. In 2024, 9,156 people graduated from DIFC Academy programs, bringing the total to 41,456 learners since inception. In line with DIFC’s commitment to educating 1 million people on sustainability, the academy now offers 30 programs focused on the subject.
Reflecting the strong presence of professional services firms, including law firms, participation in DIFC legal programs rose by 39 percent in 2024, bringing the total number of graduates to 321 since 2019.
