| 31 March 2023, Friday |

DIFC witnesses 20 percent growth in number of companies in 2020

The Dubai International Financial Center has witnessed 20 percent growth in the number of new companies operating in it, the highest the financial hub has registered till date.

The total number of companies at the center reached 2,919 last year with 915 new financial entities, the DIFC said in a statement on Tuesday. FinTech firms more than doubled to 303 during the period.

“DIFC’s best-ever annual performance in its history, achieved in the country’s 50th anniversary year, …reflect the UAE’s and Dubai’s ability to partner with its business communities to facilitate continued growth despite the most challenging conditions we have seen in the international economy,” Sheikh Maktoum bin Mohammed, deputy ruler of Dubai and president of DIFC, said.

The growth in 2020 “enhances the diversity and sophistication of DIFC’s financial ecosystem, further raising Dubai’s status as a major focal point for global finance and a growth multiplier for the industry”, he added.

The DIFC aims to triple in size by 2024 and reach assets under management at the center to $250 billion.

Tata Asset Management, Samba Financial Group, Caixabank and AfricaRe. Ebury, Ripple, Adyen were some of the financial services firms that opened its regional offices in Dubai’s financial free zone.

FinTech firms including KoFax Me and Tabby also opened their offices last year.

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.

DIFC-based wealth and asset management portfolio managers invested $203.5bn in 2020, up 106 percent compared to the previous year. The workforce in DIFC community rose 4 percent to 26,773, according to the latest statistics.


  • The National News