DIFC Reports Record Growth In 2019

The DIFC is now home to a community of 25,600 people; over 2,000 new jobs created in 2019

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, announced a record growth in 2019.

The total number of firms in the Centre reached 2,437, up 14% from 2018, with a total of 32% growth since 2017. The DIFC, which attracted a record-breaking 493 new businesses in 2019, now counts 17 of the world’s top 20 banks, 8 of the 10 leading global law firms, 3 of the top 5 insurance companies and 6 of the top 10 asset managers among its clients.

In total, the Centre is home to 737 active financial firms, representing an 18% increase since 2018, and 64% growth in five years. Notable registrations in 2019 include AntFinancial’s global payments pioneer WorldFirst, Malaysia’s Maybank Islamic Berhad, US financial services firm Cantor Fitzgerald, and Mauritius Commercial Bank.

This sustained growth has ensured the Centre continues to attract local and international talent. The DIFC contributed to the creation of 2,034 new jobs, increasing the combined workforce to more than 25,600 professionals, up 9% vs 2018, representing more than 140 nationalities.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC, said: “This growth reflects the Centre’s significant direct contribution to Dubai’s economy, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to establish the emirate as a major global centre for the new economy.”

“Both the DIFC’s expansion and its ability to reinforce its status as a hub for the world’s largest financial institutions are all the more exceptional considering the current stagnant growth in the global financial industry. In the years ahead, the DIFC will continue to implement the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, by forging closer partnerships with the world’s financial giants. we will work to further strengthen our soft and hard infrastructure to support DIFC-based companies in discovering new growth opportunities and creating greater value. We also seek to consolidate our leadership in the global financial landscape through strategic investments in innovation and technology,” His Highness added.

His Excellency Essa Kazim, Chairman of DIFC Authority Board of Directors and Governor of DIFC, said: “This has been another momentous year for DIFC and we are pleased to have produced record results having achieved a number of milestones including firms registered, number of employees at the Centre and total assets.

The Centre’s success is being powered by our focus on sector diversification, investment in innovation and our unwavering commitment to attracting the best global and local talent. We have also forged a number of new partnerships and strengthened existing agreements internationally and regionally which have helped the Centre achieve substantial growth.

The depth of expertise and experience in financial services, as well as the incredible innovation and entrepreneurship that is now being fostered at DIFC means that Dubai’s financial sector will only go from strength to strength, further strengthening the economy.”

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “We have mapped out a strategy for DIFC that has confirmed our place in the global network of world financial centres and is supporting innovation, trade and investment throughout MEASA region. By providing a stable well-regulated platform for businesses in the region to thrive, we will also be able to increase significantly the contribution we make to Dubai’s dynamic economy.

We have a deep commitment to developing the technologies necessary for digitising the future economy of the region. The rapid growth of young tech firms setting up in DIFC is validation of our strategy to help start-ups to grow by providing access to capital, talent and mature partners with established networks. We are developing a tech ecosystem that will enable tomorrow’s entrepreneurs to flourish.”

In 2019, total banking assets booked in DIFC stood at USD$178 billion (up by 13% from 2018). An additional $99 billion of lending was also arranged by DIFC firms. DIFC’s total Wealth and Asset Management (WAM) industry is worth USD$424 billion, of which USD$99 billion was invested by DIFC portfolio managers. Gross Written Premiums for the insurance sector reached nearly USD$2 billion in 2019, representing a growth of 17.4% versus 2018.

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