DUBAI, UAE, July 30, 2024 /PRNewswire/ -- The Dubai
International Financial Centre (DIFC), the leading global financial
centre in MEASA region, announced outstanding results for the first
half of 2024. Coinciding with its 20th anniversary, the results
reinforce DIFC's growing role in driving the future of finance, and
Dubai's position as a top global
ecosystem for innovation and business growth.
The number of active registered companies in DIFC exceeded 6,000
for the first time, representing 24 per cent growth. A total of 820
new companies also joined DIFC in the first six months. Reflecting
the Centre's focus on FinTech and Innovation, firms in these
sectors grew by 33 per cent year-on-year. 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.
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. Assets Under Management in DIFC have increased by 58 per cent.
The insurance and reinsurance sector now includes 125 companies, up
from 110 which represents 14 per cent growth.
The recently launched Dubai AI Campus at the DIFC Innovation Hub
will support the Centre's next phase of growth by accelerating AI
adoption across all industries. The Dubai AI Campus offers
dedicated co-working spaces to tech start-ups, including AI
businesses, of which 75 businesses are already operating there.
Phase two, which will see the campus expansion, is set to attract
500 companies and create 3,000 jobs by 2028.
DIFC introduced some of the world's most innovative laws to
bring further confidence and market certainty to both FinTech and
digital asset classes. Most recently, this included the world's
first Digital Assets Law.
Properties owned and managed by DIFC continue to be in high
demand. To address the high demand for A-grade, LEED certified
commercial premises, DIFC will bring another 1.6mn sq. ft. of
commercial space to market over the next three years. Most
recently, the Centre broke ground on DIFC Square, a landmark
development and commercial project comprising of three
interconnected buildings, with handover scheduled for Q1 2026.
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