Dubai's financial centre sees best year since 2008

Dubai International Financial Centre Investments (DIFCI) reported revenues of $222 million (Dh814.74 million) for the fiscal year 2014 compared to $187 million (Dh686.29 million) during 2013 – an increase of 18.7 per cent.

In a media statement, the DIFCI said its gross profit rose to $181m (Dh664.27m) for the year 2014 compared to $147m (Dh539.49m) in 2013 – an increase of 23 per cent.

DIFCI also reduced its overall debt by $156m (Dh572.52m) over the course of 2014, the statement said.

Total operating companies in the DIFC increased by 18 per cent year-on-year to 1,225 firms at the end of 2014, compared with 1,039 in 2013.

The financial free zone recorded its best year since 2008, with its workforce growing by 14 per cent to almost 18,000.

Essa Kazim, Chairman of DIFC Investments and Governor of DIFC, said he is confident that 2015 will prove to be yet another landmark year for DIFCI and DIFC.

“DIFC is the only centre in this broad region of more than 2.8 billion consumers that serves as a financial gateway to these markets, armed with world-class legal and regulatory regime and infrastructure,” Kazom said.

“That being said, our 10-year $700 million sukuk to refinance bank debt was also well received by the market. The successful execution of the Sukuk is a reflection of DIFCI’s ability to generate sustainable revenue streams and the commitment to support Government of Dubai’s vision of being a global financial hub,” he added.

“The financial results reflected stable earnings, enhanced capital structure and a diversified business model of steady rental cash flows,” said Rajesh Pareek, CFO, DIFC.

“Assets of the financial centre are growing with investments that are focused on the real estate portfolio within DIFC to increase capacity and future recurring revenues,” he said.

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