DIFC Registers ‘Exceptional Growth’ in H1 of 2023

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, on Tuesday said that 661 new financial firms have registered with the centre in H1 of 2023, an impressive double-digit growth of 23% year-on-year.

DIFC’s performance reinforces its growing role in shaping the future of finance and raises Dubai’s status as a leading growth catalyst for financial institutions, FinTech firms and innovation companies in the region.

The total number of companies operating in DIFC rose from 4,031 to 4,949 at the end of June 2023, and the number of firms in DIFC’s FinTech and Innovation sectors grew 35% year-on-year from 599 to 811, consolidating its reputation as a global hub for these sectors. DIFC is now home to 1,443 financial and innovation related companies, a 15% year-on-year growth.

This growth has resulted in creating more jobs as the number of DIFC-based employees grew by 3,057 to reach 39,140, up 20% year-on-year. This also supports the goals of DIFC’s 2030 Strategy, apart from further strengthening Dubai’s position as a pre-eminent global hub for talent.

The first six months of the year saw high demand for commercial space as DIFC leased over 233,000 sq. ft. owned and managed commercial space. Occupancy rates stood at 99%.

Strong Ecosystem

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 the Centre’s exceptional performance once again demonstrated the strength of the ecosystem it offers for investment, innovation, and enterprise to flourish in the financial industry.

He said that DIFC has not only propelled Dubai’s development into a pre-eminent global financial hub but also helped create new spirals of growth in the wider region. As the Emirate enters a new phase of growth with the implementation of the Dubai Economic Agenda D33, DIFC will be a vital contributor to the emirate’s efforts to open new horizons of sustainable development and unlock the potential of advanced financial technologies.

“Guided by the leadership’s vision, Dubai continues to pursue a strategy to empower entrepreneurs, innovators, and talent in the financial industry to create fresh cycles of economic value in the MEASA region. By further enhancing its world-class infrastructure, legislative frameworks and business-enabling services, Dubai is poised to emerge as an even more influential force in shaping the world’s financial landscape,” His Highness added.

DIFC Governor Essa Kazim said that the Centre plays a pivotal role in driving Dubai’s economic growth in line with the Centre’s Strategy 2030 and the Dubai Economic Agenda (D33). The unprecedented growth during H1 of 2023 continues to strengthen Dubai’s position as a global leader for finance and innovation.

“This is testament to our world-class laws, regulation and infrastructure which enables DIFC to continue attracting a host of established companies, growth stage firms, and the region’s deepest pool of financial talent. Dubai’s official global leader status will help DIFC differentiate our position with international finance and business communities, ensuring we can continue to advance our contribution to the economy,” Kazim added.

Arif Amiri, Chief Executive Officer of DIFC Authority said that DIFC’s tremendous success illustrate how they were shaping the future of finance.

“Our unwavering commitment to growth has yielded outstanding results, with client attraction and expansion leading to a remarkable increase in job creation, bolstering the international workforce in DIFC. This achievement reinforces DIFC and Dubai’s prominence as a global destination for top-tier talent as we continue to deliver to our Strategy 2030,” Amiri added.