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The number of new company registrations at DIFC increased by more than a quarter (27%) compared with 2014, from 242 to 309, the highest number achieved in a single year to date.
The size of the total workforce employed within DIFC also grew up to 19,808, an 11% increase compared with last year and around 40% of the overall target DIFC has set as part of its 2024 growth strategy.Commenting on DIFC’s exceptional performance, His Excellency Essa Kazim, Governor of Dubai International Financial Centre, said: “DIFC passed a number of significant landmarks last year. The size and diversity of our client portfolio continues to expand alongside our evolution from an international financial centre into a global financial hub. Last year we unveiled our long-term growth strategy, and we are well on the way to achieving a number of its key objectives.”
His Excellency Essa Kazim added: “With MEASA expected to account for a substantial share of global economic growth over the next decade, DIFC is well positioned to benefit from the trade and investment flows entering the region and from the emergence of the South-South economic corridor linking Asia, Africa and Latin America.”
Key 2015 highlights:
• 1,445 active registered firms now operate within DIFC, compared with 1,225 firms at the end of 2014, an increase of 18% recording the highest number since DIFC inception.
• Last year, the number of active registered firms in the financial services and non-financial services sectors grew 13% and 22%, respectively, compared with 2014
• Among active registered firms, financial services account for 408 firms while the non-financial services sector is made up of 835 companies
• DIFC continued to expand its retail offering in 2015, adding 18 retailers (a year-on-year increase of 11%)
• An additional 335,600 square feet of office space was leased, 19% more new office than in 2014
South-South Corridor Strategy
In line with its 2024 growth strategy to enhance access to the South-South trade and investment corridor, the DIFC visited Mumbai in August to meet potential banking and financial sector clients, as well as leading Indian law firms, and asset and wealth management companies. Besides several partnered events during this visit, the delegation met with the UAE Embassy in India to discuss key areas of mutual interest including trade and investments as well as collaboration on implementing best practices in the business and finance sphere.
The following month, in September 2015, a high-level delegation led by His Excellency Essa Kazim visited Beijing and Shanghai, China, to meet finance and business leaders and regulators from across the country, and strengthen the increasingly important trade partnership between the UAE and China. The Governor presented an overview of the DIFC 2024 growth strategy to Chinese media representatives at a roundtable with a focus on the strategic partnership between China and the UAE.
Senior officials also conducted decision maker meetings with government and private sector leaders in South Africa in October, while also attending the Africa Financial Summit in Johannesburg, hosted by the Institute of International Finance (IIF), and the EY Strategic Forum Africa.
In November, His Excellency Essa Kazim led a delegation to Lima to attend the UAE Bank Reception which promotes the UAE finance sector on the global landscape.
Beyond the key countries located within the South-South corridor, DIFC continued in its efforts to build and maintain relationships with stakeholders across the globe. Delegations from the Centre visited a number of markets over the course of the year, including London, New York, Singapore, Frankfurt and most of the GCC countries to name a few.
The senior management team participated in 125 events and over 35 speaking engagements during the course of the year to effectively convey the DIFC’s vision and strategy for the next decade.
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