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28 March 2024

Number of new firms in DIFC up 7%

A pedestrian walkway connects on building to another at the Gate Village in the Dubai International Financial Centre. (Ashok Verma)

Published
By Wam

The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, said on Tuesday that the number of active registered companies went up by seven per cent to 848 during last year.

The annual report released by DIFC also showed that several new companies were attracted from around the world with increasing interest from Asia and sustained interest from the Americas, Europe and Middle East.

Geographical diversification of total regulated firms illustrates the global integration of DIFC with almost equal distribution of Eastern and Western companies, the report showed.

Record growth in the breadth and depth of financial activity by the Centre's active regulated firms with major international clients using the DIFC platform to expand their regional footprint Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: "DIFC's achievements of recent years underscore our emergence as a global hub of finance and business. Our world-class infrastructure and common-law jurisdiction provide a stable platform for global and regional firms to access the regions emerging markets and beyond.

"Although the past 2 years were exceptionally challenging from a global perspective, the community in DIFC was resilient and this was noticed in the net positive growth in the number of clients that tapped into the DIFC during this period.

"We have the potential to double in size in the next five years, contributing to economic growth within UAE and the region as a whole", he added.