Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has witnessed strong growth in the first half of 2021, with 492 new company registrations, an impressive 59 percent increase.
The new additions in DIFC took the total number of active registered companies in the financial free zone to 3,292 in the January-June period, according to reports.
The remarkable growth in membership enabled the Centre to attain the targets set in its “2024 Strategy”, which sought to triple its size from 2014 levels, three years ahead of schedule.
The total number of active registered companies has reached 3,292, an increase of 27 percent year on year. It reflects DIFC’s significant efforts to build on its MEASA market-leading status by continually boosting its operating environment, legal and regulatory frameworks, innovation offering and depth of its ecosystem. Overall, DIFC is now home to 1,025 financial and innovation-related companies in total, up 25 percent from last year.
“The announcement of the H1 2021 results coincides with the launch of 50 new initiatives and projects in the UAE based on the ‘Principles of the 50’ document, which is set to serve as a strategic road map for the country’s new era of political, economic and social development. These ambitious steps taken by the UAE will pave the way for continued growth within various vital sectors, including the financial sector, further accelerating Dubai’s reputation as a leading global financial center and raising the trust of our stakeholders and partners.”
The Center’s ability to maintain a high momentum of growth despite the global repercussions of the COVID-19 pandemic reflects its high levels of preparedness and commitment to realize Dubai’s vision for the future of the financial sector.
The DIFC is the biggest financial center in the Middle East and Africa and the 19th-biggest worldwide, according to the Global Financial Centres Index ranking published in March.
“Our continued growth reflects the success of our forward-thinking approach to focus on driving both the future of finance and technology and innovation more broadly, enabling DIFC to attract pioneering start-ups and best-in-class global institutions alike,” DIFC’s governor Mr. Essa Kazim said.