DIFC Drives Finance Future with Strong H1 2024 Results

Photo : Dubai Government Media Office

The Dubai International Financial Centre (DIFC), the premier global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has announced impressive results for the first half of 2024. These achievements come as DIFC celebrates its 20th anniversary, underscoring its pivotal role in shaping the future of finance and affirming Dubai's status as a leading global ecosystem for innovation and business growth.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance of the UAE, and President of DIFC, praised DIFC’s performance. He stated, "DIFC’s exceptional performance in H1 2024 mirrors the comprehensive development vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Over two decades, DIFC's dedication to innovation, excellence, and strategic growth has not only enhanced Dubai's reputation as a major global financial centre but has also supported the UAE’s sustainable development and regional economic advancement."

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel  

Sheikh Maktoum highlighted that DIFC’s efforts to build a robust financial ecosystem, attract top talent and institutions, and foster global cooperation have paved the way for new growth opportunities. This is in alignment with the Dubai Economic Agenda D33, which aims to position Dubai among the world’s top three urban economies and double its GDP over the next decade. DIFC is committed to expanding and diversifying its financial services sector, with a focus on emerging sectors and advanced financial technologies to meet global economic demands.

Record-Breaking Growth

DIFC has surpassed 6,000 active registered companies for the first time, marking a significant year-on-year increase from 4,949 to 6,153, representing a 24% growth. In the first six months of 2024 alone, 820 new companies joined DIFC, a record 24% increase from the same period last year. The FinTech and Innovation sectors saw a notable expansion, with firms growing from 811 to 1,081, up 33% year-on-year. DIFC companies also created 4,647 new jobs in the past year, bringing the total workforce to 43,787, an increase of 12%.

DIFC houses the largest cluster of financial firms in the region, including over 370 wealth and asset management firms and more than 50 hedge funds. Assets Under Management (AUM) in DIFC surged from $444 billion to $700 billion, a 58% increase. The number of funds being marketed from or within DIFC grew to 10,032, up 31% from 7,641. The insurance and reinsurance sector expanded to include 125 companies, reflecting a 14% growth, and 2023 Gross Written Premiums reached $2.6 billion, up from $2.1 billion, a 24% increase.

High Demand for Real Estate

Occupancy rates for DIFC-owned properties remained high at 99.6%, while third-party commercial office space occupancy was at 89%. To meet the demand for premium, LEED-certified commercial spaces, DIFC plans to introduce an additional 1.6 million square feet of space over the next three years. This expansion aligns with DIFC’s growth strategy and its ambition to offer top-tier urban real estate solutions.

fDI Intelligence recognized DIFC as the leading global free zone for greenfield Foreign Direct Investment (FDI) projects, with 116 projects valued at $481 million in 2023, a 53% increase since 2021.

Strategic Vision and Future Growth

His Excellency Essa Kazim, Governor of DIFC, commented on the Centre’s accomplishments, stating, “In line with the Dubai Economic Agenda D33, DIFC continues to demonstrate remarkable growth, reinforcing its position as a leading global financial centre. Our achievements over the past 20 years underscore our commitment to advancing the financial services industry and contributing to economic development.”

Arif Amiri, Chief Executive Officer of DIFC Authority, emphasized DIFC’s role in the region’s financial landscape. “Our strong performance, including the first half of 2024, solidifies our position as the top financial centre in MEASA. With over 6,000 companies and close to 44,000 professionals, DIFC is uniquely positioned to drive the future of finance across the region.”

Celebrating 20 Years of Innovation and Development

DIFC’s two-decade track record of excellence has attracted significant new clients from the financial services industry, including prominent names like Africa Speciality Risks, AllianceBernstein, and Revolut. The Centre’s ongoing investment in innovation is exemplified by the Dubai AI Campus at the DIFC Innovation Hub, which aims to accelerate AI adoption and support tech start-ups. The campus, inaugurated by His Highness Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, will expand significantly to accommodate 500 companies and create 3,000 jobs by 2028.

DIFC has also introduced groundbreaking regulations, including the world’s first Digital Assets Law, to support FinTech and digital asset classes. The DIFC Family Wealth Centre, celebrating its first anniversary, supports over 600 family-affiliated entities, including 120 of the world’s wealthiest families.

In real estate, DIFC continues to develop high-demand properties, with over 1.6 million square feet of new commercial space planned over the next three years. Recent developments include the DIFC Innovation One and DIFC Square, which will offer substantial commercial space and support the Centre’s commitment to premium and sustainable real estate.

DIFC’s industry-focused initiatives, such as the Dubai World Insurance Congress and the Dubai FinTech Summit, have bolstered its role in the global finance sector. The Centre’s Sustainable Finance Catalyst was recognized as the Sustainable Finance Initiative of the Year, highlighting its progress in advancing green finance in the region.

DIFC’s strategic vision and continued growth underscore its role in shaping the future of finance, reinforcing Dubai’s position as a global financial leader.

#trending #latest #DIFC #DubaiFinance #GlobalFinancialCentre #FinanceInnovation #MiddleEastFinance #FinancialGrowth #DIFCResults #DubaiEconomicAgenda #FinTech #DigitalAssets #RealEstateDevelopment #FinancialServices #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, visited AI Singapore, a program dedicated to enhancing Singapore's artificial intellig...Read More.

Discussions in Doha, which wrapped up on Monday, involved Mossad chief David Barnea, CIA director Bill Burns, and Qatari Prime Minister Mohammed bin Abdulrahman...Read More.