DIFC is now home to 1,252 financial and innovation related companies. Image Credit: WAM

As many as 537 new entities registered with the Dubai International Financial Centre (DIFC) during the first half of this year, an 11 per cent year-to-date increase.

This took the total number of companies operating at DIFC from 3,297 to 4,031 at the end of June 2022.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC, said: “DIFC’s H1 performance is testament to Dubai’s ability to accelerate knowledge and innovation-driven growth amidst a rapidly evolving international environment, backed by the emirate’s strong and stable economy.

“DIFC has created a strong platform for financial companies across the spectrum including global majors, regional players and promising entrepreneurial ventures to innovate, scale their business and add value to the economy. The continued expansion of the thriving financial community also shows DIFC’s growing global profile as an industry cluster that offers exceptional opportunities for expansion and business enterprise. DIFC will continue to build productive and long-lasting partnerships with financial companies worldwide by providing them the infrastructure and support needed to enhance their stability, competitiveness and growth potential.”

DIFC is now home to 1,252 financial and innovation related companies, an increase of 22 per cent from the same period in 2021. Fintech and innovation companies jumped from 406 to 599, a 23 per cent increase year-on-year. New clients include Rapyd, the first Israeli firm to be regulated in the UAE; Tarabut Gateway, the first regulated open banking platform to be licenced by the DFSA; KMMRCE Holdings, a leading Dubai-based digital-first technology provider; Oneglobal Broking, specialist international broking company; and ADIB Capital Ltd for Wealth & Asset Management.

Essa Kazim, Governor of DIFC, said: “DIFC’s strong results reflect the trust that businesses from around the world continue to place in Dubai as a financial hub. Looking ahead, the ambitious steps taken by Dubai and specifically DIFC to drive the future of finance, will generate a significant number of new opportunities for businesses. In addition, they will pave the way for continued economic growth in our region and across the globe, enabling us to further raise our competitiveness and differentiate the Emirate as a top global centre for finance, fintech and innovation.”

Catalyst for economic growth

DIFC is the region’s largest ecosystem of financial services related companies. DIFC’s 2021 contribution to Dubai’s nominal GDP is estimated to be 5 per cent, and the contribution of DIFC financial firms to the UAE financial services sector is over 13 per cent, making the centre a key growth driver for Dubai and the UAE.

DIFC is currently home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers, and many leading global law and consulting firms.