DIFC Celebrates 20th Anniversary with Record Growth and Expansion Plans

The Dubai International Financial Centre (DIFC) reported outstanding results for the first half of 2024, coinciding with its 20th anniversary.

The results highlight DIFC's pivotal role in driving financial innovation and solidifying Dubai's status as a global hub for business growth. The number of active registered companies at DIFC exceeded 6,000 for the first time, with a year-on-year growth of 24%. Additionally, the centre welcomed 820 new companies and saw a 33% increase in FinTech and innovation firms.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum praised DIFC's achievements, reflecting Dubai's broader economic vision. He emphasized DIFC's role in fostering a robust financial ecosystem and its alignment with the Dubai Economic Agenda D33, aiming to position Dubai among the world's top three urban economies.

DIFC's assets under management surged by 58%, reaching $700 billion, and the number of marketed funds increased by 31%. The centre's insurance sector also grew, with Gross Written Premiums rising to $2.6 billion. To meet high demand, DIFC plans to expand its commercial space by 1.6 million sq. ft. over the next three years, maintaining high occupancy rates.

Key initiatives include the launch of the Dubai AI Campus, supporting AI adoption, and the introduction of the world's first Digital Assets Law. DIFC also focuses on nurturing family businesses, with significant growth in family office entities and foundations.

DIFC's commitment to sustainability and innovation was highlighted by the recognition of its Sustainable Finance Catalyst at the Finance Middle East Awards 2024. The centre continues to host major events like the Dubai World Insurance Congress and the Dubai FinTech Summit, attracting global leaders and fostering industry collaboration.

News Source: Dubai Media Office