Dubai: Dubai International Financial Centre (DIFC) is seeking to improve its global standing through strong cooperation with other global financial jurisdictions, greater cost competitiveness and through improved soft and physical infrastructure, said Jeffrey Singer, CEO of DIFC Authority.
Companies based in DIFC continue to benefit from the Centre’s internationally recognised regulatory and legal framework, which effectively facilitates the growth of financial services and commercial activities.
The Centre currently hosts 22 of the world’s top 30 banks, 11 of the world’s top 20 money managers, six of the top 10 insurance companies, and seven of the top 10 legal firms, solidifying its reputation as a prestigious and highly sought after business community.
“We have a majority of top rated global financial institutions, banks, wealth managers and insurance companies operating from the DIFC. Going forward, we want these firms to expand their business interest here and book their assets here rather than they booking in another financial jurisdiction. To facilitate this we will focus on making business more cost competitive,” said Singer.
During 2013, DIFC has strengthened ties with other financial and regulatory authorities around the globe, through Memoranda of Understanding with the Toronto Financial Services Authority (TFSA) and UK Information Commissioner’s Office.
High-profile delegations
The Centre also hosted a number of high-profile international delegations over the course of the year, including representatives from the Shanghai Municipal People’s Government and the Shanghai Municipal Foreign Affairs Office, as well as the former Lord Mayor of the City of London, Alderman Roger Gifford.
DIFC’s core focus for 2013, in terms of developing the Centre’s physical infrastructure, was to streamline the functions of DIFC Properties and to manage the company’s real estate portfolio more effectively. During the year, DIFC rolled out its revised Master Plan in October 2013.
The increasing number of clients, in addition to the internal expansion of companies already existing within the DIFC, has contributed to significantly high occupancy rates within the Centre.
At the close of the year, occupancy of DIFC-owned commercial offices in the Gate District (Gate Building, Gate Precinct and Gate Village) reached record highs of 99 per cent of leasable space (total commercial office space: 1.3 million square feet), and 99 per cent occupancy rates of DIFC-owned retail space (total retail space: 230,000 square feet).
The occupancy within third party owned office space managed by DIFC under the Property Lease Management Agreement (PLMA) stands at 97 per cent out of a total PLMA area of 513,000 square feet. The net commercial office space leased in 2013 was approximately 245,000 square feet.
To meet the growing demand in DIFC, around 877,553 square feet of GFA (Gross Floor Area) of space was made available in the Centre, in the form of the recently opened Daman offices.
Office space is also available in other third party owned and managed properties including the Index Tower, Park Towers and Emirates Financial Towers. With the combined space available in these buildings, DIFC can accommodate an additional workforce of 15,000. To meet the growing demand, the Centre has plans to develop more office space within the DIFC.
