DIFC’s strong growth reaffirms Dubai’s status as a global financial centre
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, delivered robust growth in the first half of 2022. The Centre’s strong performance reinforces DIFC’s Strategy 2030 to drive the future of finance, differentiate Dubai as a global hub for financial institutions, FinTech and innovation companies, and increase its economic contribution to the emirate.
A total of 537 new entities registered during the first half of this year, representing an 11% year-to-date increase. The total number of companies operating in DIFC has gone up from 3,297 to 4,031 at the end of June 2022, an increase of 22 per cent year-on-year.
The Centre is now home to 1,252 financial and innovation related companies, an increase of 22% from the same period in 2021. FinTech and innovation companies jumped from 406 to 599, a 23% increase year-on-year.
During the first half of this year, changes to DIFC laws and regulations included amendments to its globally recognised data protection law. In alignment with the country’s vision to become a global benchmark in Open Finance, DIFC established the region’s first Open Finance Lab, following an agreement with the Central Bank of the UAE. Furthermore, DIFC expanded its Innovation Hub proposition by launching a global Venture Studios hub and introducing a USD 100 million Venture Debt Fund.
The Centre also generated a new wave of interest in Dubai from US financial services companies, following its successful roadshow with senior executives from more than 100 American financial services and technology companies in attendance.
Amongst its 4,031 entities, DIFC is currently home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers, and many leading global law and consulting firms.