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Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, reinforced its contribution to the UAE’s economy and its commitment to driving the future of finance, following strong performance during the first half of 2019.
The Centre saw sustained growth in the first half of 2019, welcoming more than 250 new companies, and bringing the total number of active registered firms to 2,289, demonstrating a 14 percent increase year-on-year. This has fuelled the creation of over 660 jobs, boosting the Centre’s combined workforce to more than 24,000 individuals, and has resulted in the occupancy of 99 percent of DIFC-owned buildings.
The DIFC now boasts more than 671 financial related firms, an 11 percent increase from the same period last year. The financial services firms that joined in 2019 include Maybank Islamic Berhad from Malaysia, Cantor Fitzgerald from the United States of America, Atlas Wealth Management from Australia and Mauritius Commercial Bank. In addition, leading non-financial firms including Guidepoint MEA, Medtronic Finance Hungary Kft. and Network International, have also joined the Centre in the first six months of 2019.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC, said: “Dubai continues to gain recognition on the global stage as the destination where business meets innovation, and the DIFC has been a significant driver of this. The strong performance that the Centre has delivered during the first half of 2019 highlights the confidence and trust that international financial institutions have in Dubai. Aligning with the 50-year charter announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the planned expansion of the DIFC will solidify Dubai’s role as a pivotal hub for companies from around the world to access regional opportunities.”
His Excellency Essa Kazim, Governor of DIFC, commented: “The DIFC has been a pioneer in the financial services sector since its inception in 2004, as the first purpose-built financial centre in the MEASA region. 15 years on, we continue to demonstrate our forward-thinking approach with the enhancement of our legal and regulatory framework, as well as the development of a comprehensive ecosystem. The Centre remains a fundamental driver in leading financial sector transformation, supporting the advancement of the UAE economy, and developing the next generation of financial professionals.”
Driving the Future of Financial Services in MEASA
In response to the strong demand the DIFC continues to witness from financial institutions across the globe, the Centre embarked upon 2019 with the announcement of new expansion plans, supporting the economic future of Dubai and the UAE. The phased growth plan will triple the scale of the leading financial hub and enable the DIFC to help deliver on Dubai’s ambitious growth agenda, whilst diversifying and transforming the financial services sector within the wider region.
The new development will provide an international focal point for FinTech and innovation, enhancing the Centre’s reputation as one of the world’s most advanced financial centres and reinforcing Dubai’s position as one of the world’s top ten FinTech hubs, as listed by FT’s The Banker.
The Centre has already seen a marked increase in the number of firms that make up its dynamic FinTech ecosystem, which more than doubled in size from over 80 to 200 companies in the last six months. Similarly, the number of licensed FinTech firms operating in the DIFC increased from 35 to more than 80 in the first half of 2019. Key international FinTech firms that have made the Centre their MEASA base include Dublin-based software company Fenergo, InsurTech leaders Charles Taylor and Swedish crowdfunding platform, FundedByMe.
Arif Amiri, Chief Executive Officer of DIFC Authority, commented: ‘We are continuing to cement our global position as a pivotal business and finance hub, while making significant headway towards meeting our 2024 targets. Our focus on innovation and technology is delivering a blueprint for sustainable growth as we continue our journey towards driving the future of finance. DIFC’s emphasis on transforming its lifestyle offering, alongside strategic investments within technology and FinTech means we are confident about reinforcing our position as a leading global financial centre – a great place to live, work, play and do business.”
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