DIFC emerges as financial hub for Middle East, Africa and South Asia

Dubai: Marking ten years of its development, the Dubai International Financial Centre (DIFC) has come a long way in establishing itself as the dynamic global financial hub of the Middle East, Africa and South Asia (MEA SA) connecting it to the rest of the world.

The DIFC continues to witness solid growth of its physical and soft infrastructure, reflected in its significant direct contribution to the economic activity in Dubai and the overall MEASA region.

“Over the past decade, the DIFC has been one of the fastest growing international financial centres in the world and we continue to enjoy a very strong momentum with a soundly established physical, legal, and regulatory infrastructure,” said Eisa Kazim, Governor of DIFC.

The DIFC provides a stable, common law regulated, supportive ecosystem for global financial and professional services institutions aiming to access and grow their businesses in the Middle East, Africa and South Asia.

The Centre has gathered scale and significant mass over the past ten years and now hosts 21 of the world’s top 25 banks, 11 of the world’s top 20 money managers, 7 of the 10 largest insurance companies and 7 of the world’s top 10 law firms.

During the first half of 2014, the active registered companies operating within the Centre reached 1,113, with 64 non-financial services firms joining the Centre, and additional 31 authorised financial services firms.

The DIFC has strongly supported Dubai’s vision to broaden its economy over the last ten years, with the financial sector’s contribution to GDP rising from 5.5 per cent in 2004 to more than 12 per cent today.

‘Scale of success’

The total number of active financial firms in the Centre reached 350 by the end of June, with representation of 35 per cent from Europe, 14 per cent from North America, 30 per cent from the Middle East, 12 per cent from Asia, and 9 per cent from the rest of the world.

“We have been part of the DIFC’s development ever since its inception. The sheer number of global firms that are operating from here is a testament to the scale of success it has achieved,” said Mustafa Abdul Wadood, Partner and Chairman of the Management Executive Committee at The Abraaj Group.

The DIFC has retained its position at the forefront of developments within the Islamic finance sector in Dubai and globally. The emphasis on Islamic financial services has seen a number of firms setting up their operations in the DIFC

“Our decision to choose DIFC has enabled us to smoothly transit our vision into reality with exceptional support and professional services provided by DIFC. Emirates RE looks forward to a mutual and beneficial growth with DIFC,” said Mohammad Al Dishish, CEO, Emirates Retakaful Limited.

Thanks to the global standards in financial sector regulation and advanced financial services infrastructure of DIFC, Dubai is today the third global centre for Sukuk following the recent listing of $750 million (Dh2.8 billion) sukuk by the Government of Dubai, as well as plans by Hong Kong to list its first successful offering of $1 billion sukuk on Nasdaq Dubai.