DIFC Attracts 1,823 New Registrations in 2024
- Business Companies Investments Regional
Global Business Magazine- 6 minutes read
Living up to its reputation as the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, Dubai International Financial Centre (DIFC) on Tuesday said that it has attracted 1,823 new registrations, the highest ever recorded in a year.
The Centre now houses 6,920 active companies, up from 5,523 companies in 2023, a substantial 25 percent increase.
Prominent companies that have registered with DIFC include Allfunds, ASK Wealth Advisors, Bank of Communications, Bluecrest, Blue Owl, Capricorn Fund Managers, China Taiping Insurance, CMB International Securities, Dymon Asia Capital, Edmond de Rothschild, Eisler Capital (DIFC) Ltd, Gavekal Wealth, Hamilton Lane, Hayfin, Investec Bank, JJJ Capital, Mahindra Insurance Brokers, Nexus Underwriting Limited, North of South Capital, Nuvama Private, Polen Capital Management, Rokstone Underwriting, State Street Global Advisors, Taula Capital, TCW Investments, Tudor Capital, Wellington Asset Management and Ziraat Bank.
DIFC is now home to the region’s largest cluster of financial services companies. At the end of 2024, this included more than 260 banking and capital markets companies; 410 wealth and asset management firms including 75 hedge funds; and 125 insurance and reinsurance related companies – the only global hub for the sector in the region. Over 70 brokerage companies are also part of the ecosystem.
Demonstrating the depth of the ecosystem, DIFC’s clients now include 27 of the world’s 29 global systemically important banks (G-SIBs), eight of the 10 pre-eminent global money managers, five of the highest ranked insurance brokers, and five of the top 10 interdealer brokers by volume.
At the end of 2024, the Dubai Financial Services Authority (DFSA), the independent regulator for business undertaken from or within the Centre, regulated or supervised in excess of 900 entities.
Financial Results
Announcing financial results for 21024, coinciding with celebrating 20 years since its establishment, as it continues to bolster Dubai’s position as the region’s financial services capital, DIFC said that combined revenues for 2024 have shown the greatest leap since inception of the Centre, reaching $484 million, 37% higher than 2023’s record-breaking performance; and operating profit grew to $363 million, up 55%.
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 DIFC President, said that such exceptional growth over a span of 20 years reflects the vision of H H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of transforming the Emirate into the region’s leading global financial centre, and solidifies Dubai’s position as a world leading capital for financial services.
He also affirmed that Dubai continues to achieve its ambitious aims of creating an advanced financial ecosystem that meets future requirements.
Tech Companies Lead
Supported by the launch of the Dubai AI Campus, technology and innovation remains the fastest growing sector, showing a surge of 38% y-o-y to 1,245 companies in 2024. Job creation from new and existing companies contributed to the workforce expanding to 46,078, up 10%.
Private Wealth Business
In addition to being the strategic location for companies accessing the region’s 40 sovereign wealth funds, Dubai is home to the highest concentration of private wealth in any Middle Eastern city. Coupled with the large inflows of wealth from millionaires, centi-millionaires, billionaires, family offices and financiers, DIFC continues to experience exponential growth in the wealth and asset management sector.
As many as 410 firms have made DIFC their preferred financial hub in the region, a net increase of 60 firms, reflecting a 16 percent year-on-year increase.
DIFC’s Alternative Investment industry is growing faster than the market and now includes 75 hedge funds, 48 of which are ‘billion-dollar club’ organisations. The Centre has become one of the world’s top ten locations for hedge funds and is on track to become top five in the coming years.
To support further growth, during 2024, DIFC announced a first-of-its-kind Funds Centre. Set to open in 2025, it will be home to investment managers looking to raise and deploy capital, manage investments, access talent, and deepen their networks.
