DIFC success reflects Dubai’s diversification drive: Maktoum

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC) said Dubai’s economic development is progressing according to the vision set by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The emirate’s economy has maintained high levels of sustainability across all areas and diverse sectors have recorded strong gains. The robust growth results posted by DIFC despite the challenges facing the global economy are an example of the resilience and strength of the Dubai economy, he said.

Sheikh Maktoum praised the efforts of the DIFC team in successfully tiding over the repercussions of the current worldwide environment and demonstrating its agility. The results prove the ability of the Centre to not only sustain but also accelerate its pace of growth, while ensuring it provides the highest level of support for partners. DIFC has assisted its partners in easing the pressures on their businesses and maximising their growth and success, He noted.

“The strong performance of DIFC further raises Dubai’s profile as a leading financial hub both regionally and globally. DIFC’s success reflects Dubai’s successful diversification strategy and validates its focus on innovation-driven growth. The emirate is committed to providing the best possible business environment that can support the growth of businesses ranging from global brands to promising entrepreneurial ventures,” Maktoum said.

“We will continue to work on consolidating our growth in the next phase and unlocking new strategic opportunities that will enable us to fulfil our leadership’s vision for a bright future for Dubai and UAE,” Sheikh Maktoum noted.

His remarks came as he chaired the first meeting of the Higher Board of Directors of DIFC held on Tuesday, during which he reviewed the progress made by the Centre in the first half of 2021 and the accomplishments of DIFC’s three independent entities, Dubai International Financial Centre Authority, Dubai Financial Services Authority and DIFC Courts.

Sheikh Maktoum also praised the steady progress made by the Centre in achieving the objectives of its 2024 Strategy.

Maktoum also approved the proposed 2030 Strategy, which seeks to reinforce DIFC’s leading position as a global financial services hub by further developing its soft and hard infrastructure. By attracting more exceptional companies from across the global industry spectrum, DIFC seeks to play an even bigger role in shaping the future of the world’s financial services sector. The Higher Board of Directors of DIFC was formed pursuant to Decree No. (35) of 2020 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The meeting was attended by Essa Kazim, Governor of Dubai International Financial Centre (DIFC); Tun Zaki Bin Azmi, Chief Justice of the DIFC Courts; Fadel Al Ali, Chairman of the Dubai Financial Services Authority (DFSA); Abdulfattah Sharaf; Hesham Al Qassim; and Irshad Ghafour. The meeting reviewed key growth opportunities for DIFC in the second half of 2021.

Essa Kazim said: “DIFC has strengthened its position as the leading hub for financial services in the Middle East, Africa and South Asia region in the first half of 2021. This success has paved the way for more growth opportunities, and we continuously seek to drive innovation, entrepreneurship and new financial technologies to cement Dubai’s position at the forefront of the worldwide financial industry. We are keen to contribute further to boosting Dubai’s strategic economic diversification, sustainable development and transformational growth. We will work with our partners to further promote Dubai as a high-growth platform for businesses across the financial industry and a hub for capital and talent.”