The Dubai International Financial Centre (DIFC) has reported a five per cent jump in the number of companies registered with it over the past year despite the global financial crisis.
"The DIFC has witnessed an increase in the number of client applications in the month of January 2009 compared with the same period in 2008," said Abdulla Mohammed Al Awar, Managing Director of the DIFC Authority.
"In the first quarter of 2009, the centre recorded a five per cent rise in the number of registered companies compared with the same period last year."
The number of registered companies reached 778 at the end of March and the DIFC welcomed 256 new companies last year.
"This represents a 46 per cent growth rate from 2007 and the largest increase since DIFC was first launched," added Al Awar.
"We see the current period in the financial markets, especially in the UAE, as a correction," he added.
DFSA licence
Heritage, which provides captive management and insurance services, has received a licence from the Dubai Financial Services Authority to establish an insurance management firm in the DIFC.