DIFC plays key driver of innovation and transformation in financial sector.

DIFC plays key driver of innovation and transformation in financial sector.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), chaired a meeting of DIFC’s Higher Board of Directors.

His Highness said DIFC and its business ecosystem continue to make substantial contributions to accelerating the country’s growth. Since its inception in 2004, DIFC has played an instrumental role in increasing the diversity and depth of the UAE and Dubai’s financial services sector and remains a key driver of innovation and transformation in the industry.

Highlighting DIFC’s exceptional performance in 2022, he said the Centre’s achievements have been driven by the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, which has enabled Dubai to maintain a steady sustainable growth trajectory despite the challenging global environment.

"Guided by HH Sheikh Mohammed bin Rashid’s vision, we continue to work to raise the UAE and Dubai’s stature and competitiveness as a leading international business and financial services hub,”

His Highness added.

The Higher Board reviewed the key achievements of the Centre’s three independent bodies – the DIFC Authority, the Dubai Financial Services Authority (DFSA) and DIFC Courts in 2022. The meeting acknowledged the role of DIFC senior management and their teams in making the Centre the world’s best-performing free zone globally in attracting FDI projects in the financial services sector over the last five consecutive years.  

The meeting also noted the progress made in achieving the goals of DIFC’s 2030 Strategy, especially the development of Dubai into a financial innovation and technology hub. Other key objectives that are part of the Strategy include the realignment and expansion of the DIFC Innovation Hub, the development of regulations for digital assets and future-focused approaches to resolution management.

His Excellency Essa Kazim, Governor of DIFC
, said:

“During 2022, DIFC successfully increased its economic contribution to the UAE and Dubai’s economies by delivering on the key objectives of its 2030 Strategy. As we move towards 2023, DIFC remains focused on its vision to drive the future of finance, which will attract more finance-related FDI projects to Dubai and further enhance our reputation as the region’s leading global financial centre.”

The meeting urged DIFC bodies to remain focussed on the future and continue to work to consolidate Dubai’s position as one of the world’s highest-ranked financial centres. It also discussed how DIFC can set an example for the financial industry in contributing to global climate, environmental, social and governance goals that will be discussed during the COP28 climate conference hosted by the UAE and to be held in Dubai next year.

DIFC is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA) region. With a track record of facilitating trade and investment flows across the MEASA region, over almost two decades, the Centre connects the fast-growing markets in the region with the economies of Asia, Europe and the Americas.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 30,000 professionals and over 4,000 active registered companies – making up the largest and most diverse pool of industry talent in the region.

News Source: Dubai Media Office

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