The Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced outstanding results for the first half of 2024. Coinciding with its 20th anniversary, the results reinforce DIFC’s growing influence in shaping the future of finance, and reaffirm Dubai’s position as a premier global ecosystem for innovation and business growth.
Record company growth and job creation
The number of active registered companies in DIFC exceeded 6,000 for the first time, increasing from 4,949 to 6,153 year-on-year, representing a 24 percent growth. A record 820 new companies also joined DIFC in the first six months, a 24 percent increase from the same period last year. Reflecting the Centre’s focus on FinTech and Innovation, firms in these sectors grew from 811 to 1,081, up 33 percent year-on-year. DIFC companies continue to attract talent from around the world and created 4,647 new jobs during the last 12 months. The total workforce now stands at 43,787, an increase of 12 percent from the first half of the previous year.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of DIFC said that aligned with Dubai’s economic goals, DIFC plans to expand its financial services and support emerging sectors and fintech.
Thriving financial sectors
DIFC is home to the largest concentration of financial firms in the region and outperforms the market in terms of growth. Over 370 wealth and asset management firms, including more than 50 pure-play hedge funds, are now based in the Centre, originating primarily from the GCC, Europe, the U.K. and the U.S.. Assets Under Management in DIFC have increased from $444 billion to $700 billion, a rise of 58 percent. The number of funds being marketed in or from DIFC has advanced to 10,032, increasing from 7,641 – a substantial 31 percent increase. The insurance and reinsurance sector now includes 125 companies, up from 110, representing 14 percent growth. Also, it was confirmed that 2023 Gross Written Premiums for the insurance sector reached $2.6 billion, rising from $2.1 billion, an increase of 24 percent.
Expanding commercial real estate
Moreover, occupancy levels for DIFC-owned and managed properties remained high at 99.6 percent. Third-party commercial office space occupancy stands at 89 percent. To address the high demand for A-grade, LEED-certified commercial premises, DIFC will bring another 1.6 million sq. ft. of commercial space to market over the next three years. The expansion further highlights DIFC’s growth plans and premium urban real estate ambitions, creating capacity that caters to the demand from wealth and asset management firms, family offices, insurance and reinsurance companies, innovation firms, and the banking and capital markets sector.
Cementing DIFC’s global leadership
Additionally, fDI Intelligence data identified DIFC as the number one free zone in the world for greenfield FDI projects, which totalled 116 and were valued at $481 million in 2023. Since 2021, the number of projects has increased by 53 percent.
For more news on banking & finance, click here.
