Ranked number one financial centre in the Middle East, Africa and South Asia region
Dubai International Financial Centre (DIFC), the leading financial hub in the $7.4 trillion Middle East, Africa and South Asia (MEASA) region has celebrated a ‘year of firsts’ as it today reported a strong performance for 2016.
DIFC reached 1,648 active registered entities compared to 1,445 this time last year, representing a net increase of 14%. This included 447 financial services firms , up 10% from the 408 recorded in December 2015. In addition, 976 non-financial services firms registered in the DIFC, up 17% from the 835 non-financial firms last year, as well as 211 retailers, up 12% from the 189 retailers last year. Combined, this means that DIFC now totals a workforce of 21,611 professionals, a 9% increase from 2015, putting DIFC firmly on its path to execute the 2024 strategy. This will see the Centre triple in size by deepening core client synergies, building relevance in key global sectors, and facilitating trade and investment across the South-South trade corridor. These initiatives will be supported by the continued enhancement of the Centre’s physical and regulatory infrastructure.
Commenting on these achievements, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, said: “DIFC has played an integral role in shaping the financial services landscape, not just in the UAE but in the broader Middle East, Africa and South Asia region, a market that is worth US$ 7.4 trillion. The Centre has excelled in providing a stable yet innovative platform for financial firms to access high-growth emerging markets in this region, positioning Dubai as a leading global financial hub.”
His Highness also said that DIFC continues to implement ambitious plans to keep pace with the growing economic development of the UAE, and to support the overall development of the emirate of Dubai in close cooperation with its partners. He further said that DIFC’s achievements in 2016 have made it a clear leader in the region’s financial sector.
“International companies have placed their confidence in DIFC, which has been vindicated by their increased growth. DIFC has steadily expanded its infrastructure to accommodate the growing demand from its partners,” His Highness added.
Adding to this, His Excellency Essa Kazim, Governor of DIFC and Chairman of DIFC Authority Board of Directors, said: “The year 2016 was marked by significant global shifts, which brought challenges but also opportunities. Our strong financial results show that DIFC is resilient, while at the same time a number of ‘firsts’ achieved in the Centre bear testimony to the fact that we are agile, forward-thinking and innovative. We continue to demonstrate how our offering goes beyond being the region’s leading financial centre, by investing in leading concepts and developments to become a world-class business and lifestyle destination.
“As we move forward in 2017, we will continue to embrace the opportunities, particularly in terms of new technologies and the emerging markets of MEASA. We will focus on promoting innovation and use the next generation of technologies to further enhance our offering to clients, while providing access to international markets within a robust and secure regulatory and legal framework.”
A Year of Firsts
One of the main highlights for DIFC last year was the transfer of the HSBC Bank Middle East Limited (‘HBME’) head office from Jersey to the DIFC, meaning HBME is now lead-regulated by the Dubai Financial Services Authority (DFSA). The move has reinforced the attractiveness and competitiveness of the UAE economy to international players in the banking and financial services sector, further strengthening the credibility of the DIFC’s regulatory regime.
As part of DIFC’s commitment to adopting innovation and harnessing information technology to enhance productivity and efficiency for its clients and position itself as an advanced technological hub, the Centre achieved yet another regional first as DIFC became home to the first, innovative Equity Crowdfunding platform. Last year, Eureeca.com began DFSA regulated activity linking high growth businesses with much needed and underserved capital.
Pioneering a regional legal first, in 2016, DIFC announced the opening of the first specialist barristers’ chambers, demonstrating confidence on an international level in the Centre’s legal structures. Outer Temple Chambers (OTC), from London, UK, is a leading set of expert, global barristers (lawyers who practice in international and English common law courts and arbitral tribunals). Their services will benefit the entire regional business community, regardless of whether or not businesses are registered in DIFC, as long as they use the DIFC Courts.
DIFC also became one of the founding members of the Global Blockchain Council, a board formed in line with the efforts of Dubai Museum of the Future Foundation to promote innovation and use the next generation of technologies to enhance UAE’s position as a leading centre for innovation and knowledge economy. The membership reinforced DIFC as a leading financial technology hub, as the Council’s role is to guide on how Blockchain can benefit market participants and provide and implement new and innovative ideas.
In line with DIFC's objective to better serve its clients and support Dubai’s vision of becoming a smart city, the Centre upgraded its unique and highly advanced technological infrastructure, by adding a number of user centric features. These included its first mobile app, giving DIFC-registered clients access to a wide variety of online services and a Property Listings Website (properties.difc.ae).
Leading the way in environmental initiatives, DIFC also became the first district in the UAE to implement a complete makeover of its lighting infrastructure with the signing of an energy performance contract with Etihad ESCO, guaranteed to achieve annual energy savings of 72% at the Centre by 2022.
View News Headlines
