The number of firms operating out of Dubai International Financial Centre rose 25 per cent in the first half of 2020 as the financial free zone looks to triple its size by 2024.
DIFC attracted 310 new companies in the first half of 2020, bringing the total number of companies based in the free zone to 2,584, the centre said on Saturday. The free zone had 66 new registrations in March and 88 in June compared to an average of 52 registrations in other months. DIFC now has 820 financial firms.
"During [the first half of] 2020, DIFC delivered a series of record-breaking months for registrations. This was achieved while we supported our clients during the global challenges of Covid-19,” said Arif Amiri, chief executive of DIFC Authority.
New DIFC registrations include Tata Asset Management, Samba Financial Group, Gazprombank, Funding Souq and Decimal Factor Middle East, while new FinTechs include Ripple and KoFax Me.
The number of licensed FinTech firms in DIFC grew 74 per cent within this period, with 87 new companies linked to financial technology joining the free zone.
The onshore financial centre is home to some of the world’s biggest financial institutions, banks, investment firms, wealth managers and insurers.
Last year, the number of firms operating out of DIFC rose to 2,437 by the end of 2019 after the centre welcomed 493 new companies. The total size of the wealth and asset management industry in DIFC grew to $422bn, while other activities amounted to $276bn. Gross written premiums by DIFC-based insurers totalled $1.98bn.
DIFC was established in 2004 and it aims to raise the number of financial companies to 1,000, and employ 50,000 people by 2024.
UAE currency: the story behind the money in your pockets
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
