The number of active registered companies in the Dubai International Financial Centre (DIFC) has exceeded 6,000 for the first time, increasing from 4,949 to 6,153 year-on-year, representing 24% growth, according to its results for the first half of 2024.
In a statement today (30 July), it said a total of 820 new companies also joined DIFC in the first six months with the FinTech and Innovation sector notably seeing the number of firms grow from 811 to 1,081, up 33% year-on-year.
DIFC companies created 4,647 new jobs during the last 12 months, with the total workforce now standing at 43,787, an increase of 12% from the first half of last year.
DIFC is home to the largest cluster of financial firms in the region and outperforms the market for 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, UK and the US. Assets under management in DIFC have increased from $444bn to $700bn, an increase of 58%.
The number of funds being marketed in or from DIFC has advanced to 10,032, increasing from 7,641 – a substantial 31% increase. The insurance and reinsurance sector now includes 125 companies, up from 110 which represents 14% growth.
During the first half of 2024, it was confirmed that 2023 Gross Written Premiums for the insurance sector reached $2.6bn, rising from $2.1bn, an increase of 24%.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, first deputy ruler of Dubai, deputy prime minister and minister of finance of the UAE and president of DIFC, said: “DIFC’s exceptional performance in the first half of 2024 reflects the comprehensive development vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Over the past two decades, DIFC’s commitment to innovation, excellence, and strategic growth has not only shaped Dubai’s reputation as a major global financial centre but also contributed to the UAE’s sustainable growth and the economic development of the region.
“By fostering a robust financial ecosystem, attracting top-tier talent and institutions, and establishing strong networks of global cooperation, DIFC has opened new growth avenues, positioning Dubai as a key focal point for international finance and commerce.
“Consistent with the goals of the Dubai Economic Agenda D33 to establish the city as one of the world’s top three urban economies and double its GDP over the next decade, we will continue to expand and diversify the financial services community in DIFC. We are also steadfast in our commitment to driving the growth of emerging sectors and advanced financial technologies.
“Over the coming years, we seek to further enhance DIFC’s industry ecosystem to meet the evolving needs of the global economy and enable businesses, entrepreneurs and investors to tap promising new opportunities.”
Occupancy levels for DIFC owned and managed properties remained high at 99.6%. Third party commercial office space occupancy stands at 89%. To address the high demand for A-grade, LEED certified commercial premises, DIFC will bring another 1.6mn 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 re-insurance companies, innovation firms, and the banking and capital markets sector.
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 USD 481mn in 2023. Since 2021, the number of projects has increased by 53 per cent.
Essa Kazim, governor of DIFC, said: “Aligning with the Dubai Economic Agenda D33, DIFC continues to showcase unparalleled growth, cementing its position as the leading global financial centre in the region. Coinciding with the Centre’s 20th anniversary, DIFC’s achievements ensure the financial services industry continues to increase its contribution to the economy. We remain laser-focused on delivering DIFC’s Strategy 2030 by driving growth and shaping the future of finance which will be achieved by keeping innovation at the top of our agenda.”
Arif Amiri, chief executive officer of DIFC Authority, said: “DIFC’s consistently strong performance over the last 20 years, including the first half of 2024, solidifies our prominence as the number one financial centre in the Middle East, Africa and South Asia. The Centre is now home to more than 6,000 companies and close to 44,000 professionals. This significant scale provides DIFC and its clients with an unrivalled opportunity to collectively drive the future of finance across the region.”
The recent influx of firms include Africa Speciality Risks, AllianceBernstein, Audere Capital Limited, Banca Del Sempione Ltd, Balyasny Asset Management, Baring Asset Management, Blue Owl Capital, Capital Asset Management, Carrhae Capital, El Dorado Capital Limited, Exodus Point, GID Investment Advisors LLC, Hayfin, Lone Star Europe Acquisitions, Novia Global Limited, Ominvest Capital (DIFC) Limited, Patient Square Capital, Point72 (DIFC), Revolut, State Street Global Advisors, Taula Capital Management (DIFC) Limited and Theia Investments Limited.
