Dubai Financial Center Poised for Record Growth This Year
DIFC has over 600 financial services firms and more than 40,000 employees.
Dubai International Financial Centre (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.[1]
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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."
The regulatory body overseeing the Dubai International Financial Center (DIFC) witnessed a remarkable uptick in activity, issuing 117 new financial services licenses in 2023. This momentum has carried into the current year, with a staggering 50% increase in license issuances compared to the same period last year.
Highlighting DIFC's global appeal, Johnston noted, "Of the 29 globally systemically important banks, we have 27 operating within DIFC."
Additionally, a fifth Chinese bank is poised to establish its presence in the center.
DIFC has over 600 financial services firms and more than 40,000 employees.
