Watch: Dubai International Financial Centre witnesses 23% surge in new company registrations in H1-2023

Dubai: New company registrations at Dubai International Financial Centre rose 23 per cent annually in the first half of this year.

About 661 new companies joined during the period, taking the total number of active registered companies in the financial free zone to 4,949 (from 4,031) in January-June. Moreover, a record-breaking 3,057 new jobs were created, bringing the total workforce in DIFC to 39,140 individuals, up 20 percent year-on-year.

“DIFC’s exceptional performance in the first half of the year once again demonstrates the strength of the ecosystem it offers for investment, innovation and enterprise to flourish in the financial industry,” said 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. “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.”

DIFC is now home to 1,443 financial and innovation-related companies, an increase of 15 per cent from the same period in 2022. Fintech and innovation companies jumped from 599 to 811, a 35 per cent increase year-on-year.

Moreover, the spring 2023 edition of the Global Financial Centres Index categorised the city as one of only ten financial centres globally as a global leader with broad and deep capabilities. Dubai is the only financial centre in the Middle East, Africa and South Asia region to be awarded this classification.

“The unprecedented growth during the first six months of 2023 continues to strengthen Dubai’s position as a global leader for finance and innovation,” said Essa Kazim, Governor of DIFC. “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.”

Global leader for finance

DIFC is home to 632 financially regulated firms. During the first half of 2023, this number surpassed 600 for the first time.

The influx of hedge funds continued in H1-2023, further raising DIFC’s reputation as a new global centre for alternative investments. Notable new firms joining DIFC in 2023 include global leaders such as Asia Research and Capital Management Ltd, Edmond de Rothschild, EnTrust Global, Hudson Bay Capital, King Street Capital, Nomura Singapore, St. James’s Place and Verition Fund Management.

“DIFC’s tremendous success in the first half of 2023 continues to illustrate how we are shaping the future of finance,” said Arif Amiri, CEO of DIFC Authority. “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.”