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Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, reported today that it has achieved sustained growth of its financial community with the total number of registered companies from all over the world rising by 12% to 1,853. The Centre also achieved strong financial performance with net profit increasing by 25% to USD 99 million, from USD 79 million in 2016, excluding USD 412 million of fair value (FV) gain on Investment properties.
In 2017, DIFC made notable progress towards the delivery of its 2024 growth strategy, which aims to increase the number of active financial firms to 1,000 and the combined workforce of DIFC-registered companies to 50,000. DIFC’s financial services sector grew to 473 firms, and the Centre’s workforce increased to 22,338 professionals. During the same period, an additional 384,200 square feet of space was leased, with DIFC properties maintaining a 99% occupancy rate. At the same time, DIFC continued to enhance its infrastructure, with more flagship projects added to the Centre’s masterplan – the most recent of which are the construction of Gate Avenue at DIFC and The Exchange building.
In 2017, DIFC’s combined revenue was USD 221 million at a similar level of 2016. DIFC’s total assets grew to USD 3.55 billion, a rise of 15% compared to 2016 (USD 3.08 billion). During the same period, DIFC’s operating profit, excluding Fair Value (FV) gain on Investment properties, grew by 8% to USD 140 million (FY 2016: USD 130 million).
Commenting on DIFC’s performance, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, said: “As a top ten ranked international financial centre, DIFC is a true reflection of the success story of Dubai. The emirate is a global example of economic diversification and the financial services sector remains one of the most significant contributors to Dubai’s GDP. Today, the Centre is the leading financial hub in MEASA and is constantly exploring new opportunities to ensure the development of the regional financial services landscape.”
His Highness added: “DIFC continues to deliver on its ambitious strategy while offering the highest standards of support to its current and prospective partners. As a trusted partner, the Centre remains committed to providing best-in-class services and infrastructure to its growing community to help them advance their businesses. DIFC’s commitment is in line with Dubai and its leadership’s ongoing efforts to support a variety of sectors, including financial services which Dubai has built a strong track record in to become one of the world’s best financial hubs.”
His Excellency Essa Kazim, Chairman of DIFC Authority Board of Directors and Governor of DIFC, commented: “2017 was another record year for DIFC. Not only did we strengthen our position as MEASA’s leading financial centre, but we also continued to actively support the development of regional economies. We are committed to shaping the future of financial services in the region, and we continue to support Dubai’s role as an essential component of the global financial system. Today, we remain on course to achieve the goal we set in 2014 of tripling the scale of DIFC by 2024.”
The total number of 315 new registrations in 2017 was a new record for DIFC, representing an average of 26 new registrations per month. The geographic representation in DIFC remained broadly similar year-on-year, with 36% originating from the Middle East, 33% from Europe, 11% from Asia, 10% from the United States, and 10% from other countries.
The amount of floor space leased in 2017 was a record for DIFC and indicates strong potential for future employee growth in the district.
Arif Amiri, Chief Executive Officer of DIFC Authority added: “DIFC remains the leading financial hub in the MEASA region. It is the Centre that continues to encourage and embrace innovation to further enhance its ecosystem and remain ahead of future trends. In 2017, we launched a number of initiatives to promote financial innovation, and in turn, financial inclusion in the broader MEASA region. This was accompanied by the continuous evolution of our infrastructure and regulatory framework in order for us to enable Fintech SMEs to disrupt the way businesses operate today. This remains a key focus for us as we embark on new opportunities in 2018, guided by a clear roadmap towards the delivery of our 2024 vision.”
Driving the future of finance in the MEASA region
In 2017, DIFC made remarkable progress in achieving its commitment to shape the future of the financial landscape in the MEASA region and to contribute to the development of its economies.
FinTech Hive at DIFC, the first-of-its-kind accelerator in the region, received over 100 applications from more than 32 countries before 11 finalists were selected to work alongside financial institutions to create effective solutions that address the evolving needs of the region’s financial services industry.
Upon the completion of the programme, Sarwa, the first hybrid automated investment management platform in the Middle East, and a participant in FinTech Hive at DIFC, became the first company to receive the Dubai Financial Services Authority’s Innovation Testing Licence (ITL), which gives FinTech firms special dispensation to develop and test new technologies within DIFC’s regulatory framework. Dubai has been ranked as the top FinTech hub in the region and number ten in the world. FinTech Hive is a driver for the rankings and has an ecosystem of around 45 partners including Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Network International, RAKBANK, Standard Chartered and Visa; and strategic partnerships with Dubai Islamic Economy Development Centre (DIEDC), International Finance Corporation and UAE Exchange.
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