Dubai strengthens its position as global finance and innovation hub

The Dubai International Financial Centre (DIFC) witnessed exceptional growth in the first half of 2023, with 661 new entities registering during the period in the centre, an impressive double-digit growth of 23 per cent year-on-year.

DIFC’s performance reinforces its growing role in shaping the future of finance and raises Dubai’s status as a leading growth catalyst for financial institutions, FinTech firms and innovation companies in the region.

The total number of companies operating in DIFC rose from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23%. The number of firms in DIFC’s FinTech and Innovation sectors grew 35 per cent year-on-year from 599 to 811, consolidating its reputation as a global hub for these sectors.

DIFC is now home to 1,443 financial and innovation-related companies, a 15 per cent year-on-year growth.

The growth in registered companies has led to a remarkable increase in job creation. The total number of employees based in DIFC grew by 3,057 to reach 39,140, up 20 per cent year-on-year. The growth supports the goals of DIFC’s 2030 Strategy, further strengthening Dubai’s position as a pre-eminent global hub for talent.

The first six months of the year saw high demand for commercial space. DIFC leased over 233,000 sq. ft. owned and managed commercial space. Occupancy rates stood at 99 per cent.

Dubai’s growth as a global financial hub received further recognition from prestigious international indices. The spring 2023 edition of the Global Financial Centres Index categorised the city as one of only ten financial centres in the world that is 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 included in this classification.

Sheikh Maktoum Bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and President of DIFC, said, “DIFC’s exceptional performance in H1 2023 once again demonstrates the strength of the ecosystem it offers for investment, innovation and enterprise to flourish in the financial industry. 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.

“As the emirate enters a new phase of growth with the implementation of the Dubai Economic Agenda D33, DIFC will be a vital contributor to the emirate’s efforts to open new horizons of sustainable development and unlock the potential of advanced financial technologies.”

Essa Kazim, Governor of DIFC, said DIFC plays a pivotal role in driving Dubai’s economic growth in line with the Centre’s Strategy 2030 and the Dubai Economic Agenda (D33).

“Dubai’s official global leader status will help DIFC differentiate our position with international finance and business communities, ensuring we can continue to advance our contribution to the economy,” he added.

WAM