Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, witnessed unparalleled growth in the first half of 2023. DIFC’s performance reaffirms its efforts in driving the future of finance as the region’s growth catalyst for financial institutions, FinTech firms and Innovation companies.
A total of 661 new entities registered during the first half of this year, representing a double digit (23 per cent) year-on-year increase. The total number of companies operating in DIFC has risen from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23 per cent. Reflecting DIFC’s growing reputation as a global hub for FinTech and Innovation, the number of firms in those sectors grew from 599 to 811 year-on-year, up 35 per cent.
Company growth has led to a strong increase in job creation, up 20 per cent year-on-year to 3,057, bringing the total workforce in DIFC to 39,140 individuals in line with DIFC’s 2030 Strategy, further strengthening Dubai’s position as a global hub for world-class talent.
The strong inflow of top firms underscores Dubai’s attractiveness as a global business hub and reaffirms DIFC’s world-class reputation that continues to attract companies from around the world. The inflow of hedge funds continued in H1 2023, leveraging DIFC’s eco-system of over 300 Wealth and Asset Management firms, and progressive global centre for alternative investments. Amongst its 4,949 entities, DIFC is currently home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers, and many leading global law and consulting firms.
Recognising Dubai’s progress within the industry, the spring 2023 edition of Global Financial Centres Index, categorised the city as one of only ten financial centres in the world as a global leader with broad and deep capabilities. Dubai is the only financial centre in the Middle East, Africa and South Asia region to be awarded this classification. www.difc.ae
