Dubai: Establishment of DIFC marked the transformation of UAE as a leading global financial services hub

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Dubai: Establishment of DIFC marked the transformation of UAE as a leading global financial services hub

DIFC is currently the financial hub for the Middle East, Africa and South Asia (MEASA)

Published: July 07, 2021 10:58 Last updated: July 07, 2021 14:47 Babu Das Augustine, Business Editor and Devadasan K P, Picture Editor

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STOCK DIFC DUBAI — The establishment of Dubai International Financial Centre (DIFC) in 2004 marked the beginning of the transformation of the UAE into one of the leading global financial centres. The DIFC was launched in accordance with United Arab Emirates (UAE) Federal Decree No. 35 of 2004 as a part of Dubai’s strategic vision to diversify its economic resources and attract capital and investments in the region. Image Credit: Ahmed Ramzan/Gulf News

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STOCK DIFC 2021 PIC — DIFC is a special economic zone in Dubai covering 272 acres, established in 2004 and a financial hub for the Middle East, Africa and South Asia (MEASA) markets. The DIFC has a 16-year track record of facilitating trade and investment flows across the region, connecting local markets with the economies of Asia, Europe and the Americas. Image Credit: Anas Thacharpadikkal/Gulf News

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STOCK DFSA — DIFC has its own independent, internationally recognised regulator, the Dubai Financial Services Authority (DFSA). The DFSA supervises regulated companies and monitors their compliance with applicable laws and rules. Image Credit: Supplied

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Stock DIFC gate Dubai — The DIFC’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. Image Credit: Ahmed Ramzan/Gulf News

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Nasdaq Dubai — In 2020, total banking assets booked in DIFC increased 6 per cent to $189 billion. An additional $64 billion of lending was also arranged by DIFC firms in 2020. DIFC based wealth and asset management portfolio managers invested $203.5 billion, up by 106 per cent, from $99 billion in 2019, with the industry now worth $528.5 billion. DIFC’s operating profit was $125 million last year, broadly consistent with the prior year despite global economic headwinds. Image Credit: Supplied

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