Dubai: The financial services sector contributed more than 12 per cent to the gross domestic product (GDP) of Dubai in 2013, said Eisa Kazim, Governor of DIFC and Chairman of DIFC Authority.
Speaking at the operating review of the DIFC for the year 2013, Kazim said contribution of financial services sector in general and DIFC in particular is very significant to the overall economic growth of Dubai. “While Dubai’s GDP grew at an average rate of 3.1 per cent between 2000 and 2013, the financial services sector grew at an average rate of more than 15 per cent,” said Kazim.
Registered firms
The number of active registered companies within DIFC has increased to 1,039 during the last year, with the addition of 55 financial services firms, including Bank of London and the Middle East (BLME), Wells Fargo, Napier Park Global Capital, Carnegie Asset Management and Samena Capital.
The combined workforce of companies registered with DIFC currently stands at approximately 15,600, up 11 per cent compared to the previous year representing over 131 nationalities.
“The growth that DIFC has experienced in 2013 has been the highest achieved since the beginning of the great financial crisis. We have created one of the best working environments in the world, attracting talent from across the globe,” said Jeffrey Singer, CEO of DIFC Authority.
The Centre currently hosts regulated firms from across the globe, including 34 per cent from Europe, 29 per cent from the Middle East, 15 per cent from North America, 12 per cent from Asia, and 10 per cent from the rest of the world.
Although Europe and North America accounts for significant share of the number of regulated firms operating from the DIFC, in terms of assets under management, companies for Asia and the Middle East are ahead of the rest.
Last year, there was a significant rise in the number of authorised firms within various license categories, in addition, a number of existing DIFC clients have chosen to upgrade their licences to a higher category. Many of DIFC’s current clients, including Emirates Retakaful Limited, China Construction Bank (Dubai) Limited, and International Finance Corporation, opted to grow their physical presence within the Centre by expanding their current office space.
