DIFC Registered Companies Cross 6,000 Mark y-o-y in H1-2024

The number of active registered companies in Dubai International Finance Centre (DIFC) exceeded 6,000 for the first time, increasing from 4,949 to 6,153 year-on-year, representing 24% growth.

A total of 820 new companies also joined DIFC in the first six months, a record 24% increase from the same period last year and reflecting the Centre’s focus on FinTech and Innovation, firms in these sectors grew from 811 to 1,081, up 33% year-on-year.

Announcing the results for H1-2024 on Tuesday, H H 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 that DIFC’s exceptional performance in the first half of 2024 reflects the comprehensive development vision of H H 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,” he said.

DIFC companies continue to attract talent from across the world and created 4,647 new jobs during the last 12 months. The total workforce now stands 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, he said.

Assets Under Management in DIFC have increased from $444 billion to $700 billion, 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 $2.6 billion, rising from $2.1 billion, an increase of 24%.

Occupancy levels for DIFC owned and managed properties remained high at 99.6% and third party commercial office space occupancy stood at 89%. To address the high demand for A-grade, LEED certified commercial premises, DIFC will bring another 1.6 million sq ft of commercial space to market over the next three years.

DIFC Governor Essa Kazim said that 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,” he said.

Nurturing Family Businesses

Reflecting two decades of supporting the sector, more than 600 active entities are affiliated with family businesses in DIFC. This includes over 120 of the world’s wealthiest families and individuals with a total net worth exceeding $1.2 trillion.

To support further growth in the family business sector, DIFC introduced a new comprehensive guide ‘Prosperity Across Generations: Unlocking the power of DIFC for families’ to empower families with access to knowledge and expertise on structures, governance, wealth management, succession and estate planning in Dubai.

Real Estate Investments

Properties owned and managed by DIFC continued to be in high demand. As a result, over 1.6 million sq ft of commercial space is being developed over the next three years. Aligned with DIFC’s track-record of bringing premium and sustainable real estate to market, new buildings will be constructed to LEED certification standards.

To address immediate demand, over 200,000 sq ft was added in Q1 of 2024 when DIFC Innovation One opened its doors to the future of FinTech and Innovation firms.

DIFC Living & Innovation Two, a 590,000 sq ft development which includes DIFC’s first residential project, has 203,000 sq ft of commercial space. The project is on track for handover in Q3 of 2026.

In May, ground was broken on Immersive Tower by DIFC, which will provide 630,000 sq ft commercial space in Q2 of 2027.

DIFC also broke ground on DIFC Square in June, a landmark development and commercial project comprising of three interconnected buildings, with handover scheduled for Q1 of 2026. DIFC Square will offer 607,000 sq ft of commercial space.