DIFC grows 6% in H1 this year

Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the markets of Europe, Asia and the Americas, DIFC has continued to strengthen its position as the international financial centre of choice in the region. 

As of June 30, 2012, 899 active registered companies had a presence in DIFC, with 329 regulated, 465 non-regulated companies, and 105 retailers. 

The number of employees working in DIFC stands at around 13,000.

In the first-half of this year, 90 commercial licences were issued compared to 64 in H1 2011, a year-on-year increase of 41 per cent. 

Similarly, occupancy of DIFC-owned commercial offices in the Gate District increased to 98 per cent of the leasable space, while occupancy in DIFC-owned retail space remained consistent at 96 per cent.

Commercial office space within third-party developments under DIFC’s management is 86 per cent occupied, compared to 72 per cent occupancy at year end-2011.

 Abdul Aziz Al Ghurair, Chairman of the Board of Directors of DIFC Authority, said: "The strong principles on which DIFC is founded – effective regulation and a dynamic business environment – position DIFC well to continue its development as a world financial centre. There are promising opportunities for significant expansion of DIFC both in terms of the number of companies operating here and the range of activities in which they are engaged.”

 DIFC also witnessed sustained interest from Middle Eastern and Asian firms looking to increase their exposure to opportunities arising in Africa and the West. Today, the geographical diversity of the Centre’s total number of regulated companies reaffirms DIFC’s growing status as a global financial centre. Approximately 36 per cent of regulated member companies come from Europe, 26 per cent from the Middle East, 16 per cent from North America, 11 per cent from Asia, and 11 per cent from the rest of the world.

DIFC remains the financial hub of choice for the world’s leading companies with 17 of the world’s top 25 banks, eight of the world’s ten largest insurers, eight out of 15 top law firms, ten of the top 20 money managers and seven of the top ten consultancies all based in the Centre.

To remain competitive and operate as per the highest regulatory standards, DIFC continues to develop its internationally-recognised regulatory framework and legal system in order to support the growth of financial services and commercial activities.

During the first six months of 2012, four legislative proposals were published for public consultation and have been submitted for enactment by the Ruler of Dubai. These include amendments to the Employment Law, DIFC Law No. 4 of 2005; the Real Property Law, DIFC Law No. 4 of 2007; and the Data Protection Law, DIFC Law No. 1 of 2007. They also include a draft law and regulations for Non-Profit Incorporated Organisations.

At the same time, DIFC has further strengthened its efforts to develop its relationships with strategic counterparties and organisations. In H1 2012, DIFC Authority signed three mew Memoranda of Understanding (MoUs) with TheCityUK, the Australia Gulf Council and New South Wales Trade & Investment. 

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