Active Registered Companies in DIFC Exceeds 6K for 1st Time
In the first six months of 2024, 820 new companies joined DIFC.
The number of active registered companies in the Dubai International Financial Centre (DIFC) has surpassed 6,000 for the first time, marking a 24% growth in the first half (H1) of 2024.
In the first six months of 2024, 820 new companies joined DIFC, with firms in the fintech and innovation sectors experiencing a 33% year-on-year (YoY) increase. DIFC's companies continue to attract global talent, creating 4,647 new jobs over the past year, bringing the total workforce to 43,787.
DIFC, home to the largest cluster of financial firms in the region, hosts over 370 wealth and asset management firms, including more than 50 hedge funds primarily from the GCC, Europe, the UK, and the US. DIFC’s assets under management have increased by 58%, and the insurance and reinsurance sector has grown by 14%, now including 125 companies.
Earlier this month, the DIFC, the global financial hub in the MEASA region, commenced construction on DIFC Square, a commercial development consisting of three interconnected buildings. This project aims to enhance DIFC’s real estate offerings by providing Grade A offices and retail units.
The project spans a 113,500-square-foot plot and will boast a built-up area of nearly 1 million square feet. It will provide 600,000 square feet of office space and 17,200 square feet of retail space.
DIFC Square, featuring three buildings with 8, 10, and 13 floors, is expected to be completed by the first quarter (Q1) of 2026.
DIFC anticipates a record number of businesses to establish themselves in the Middle East's economic hub, drawing in major hedge fund players like Millennium Management and asset managers like State Street.
Ian Johnston, CEO of the Dubai Financial Services Authority, revealed in an interview with Bloomberg, "This year is going to be our busiest year ever."
DIFC has over 600 financial services firms and more than 40,000 employees.