Dubai International Financial Centre (DIFC) grew at a record pace last year, with the number of active registered companies climbing by 20 per cent while the financial hub’s annual revenue exceeded Dh1 billion ($288 million) for the first time, amid strong economic momentum in the emirate.
Employment in DIFC, one of the top financial centres in the Middle East, Africa and South Asia (Measa) region, also increased at the fastest pace in 2022, jumping 22 per cent annually to more than 36,000, Essa Kazim, governor of DIFC, told a media briefing on Monday.
The sharp growth supports Dubai’s D33 economic agenda objectives and was driven by the financial centre’s 2030 strategy aimed at doubling its contribution to the emirate’s economy by the end of the decade.
DIFC is “enhancing and supporting the strength of the diversification process that Dubai had embarked on a long time ago, [with] the financial services sector as one of the main pillars to support that diversification”, Mr Kazim said.
The number of active registered companies in DIFC rose to 4,377, almost doubling from the 2019 pre-pandemic level of 2,431. New companies registered in DIFC last year surpassed 1,000 for the first time since its inception.
“In 2022, DIFC managed to registered around 1,084 companies, so that would make it like four companies every working day and that … indicates the attractiveness of DIFC as a major hub,” Mr Kazim said.
FinTech and Innovation was the fastest-growing sector in DIFC last year, with the total number of firms in the sector growing 36 per cent to reach 686.
DIFC also recorded a 33 per cent rise in net profit to $141 million. Revenue rose 18 per cent on an annual basis, driven by a 19 per cent increase in its operating income to $185 million, the Dubai Media Office said in a separate statement on Monday.
Total assets of DIFC, which last year recorded a $174 million gain on investment in properties, reached $4.54 billion at the end of 2022, the statement said.
Dubai’s rapid recovery from the pandemic-driven slowdown on the back of government initiatives has supported the growth of DIFC over the past two year, Mr Kazim said.
He expects the emirate, the commercial and business centre of the Middle East, to continue its growth momentum this year, despite global geopolitical uncertainties and macroeconomic headwinds.
“I think this year, we're very much optimistic to achieve the growth rate of anywhere between 4 per cent [and] 5 per cent,” he said.
Dubai's economy expanded 4.6 per cent on an annual basis in the first nine months of 2022, according to the Dubai Statistics Centre.
Emirates NBD estimates Dubai's full-year 2022 growth at 5 per cent, and expects the emirate’s GDP to grow by 3.5 per cent in 2023.
DIFC, which has also proven to be a catalyst in driving foreign direct investment over the past five years, is home to 17 of the world’s top 20 banks, 25 of the world’s top 30 “systemically important” global financial institutions and five of the top 10 global insurance companies, the media office statement said.
The financial centre also has a pipeline of more than 50 hedge funds with assets under management in excess of $1 trillion that are waiting to be licensed, Mr Kazim said.
Total banking assets booked in DIFC companies were stable at $199 billion at the end of 2022. However, lending arranged by DIFC firms rose 54 per cent, or by $166 billion, during the year.
Wealth and asset management portfolio managers in DIFC invested $164 billion last year compared with $151 billion in the previous year. Venture capital companies' funding increased to $1.2 billion, up by 78 per cent, while DIFC-based FinTech and innovation companies attracted more than $615 million in 2022, the media office said.
The financial hub’s “DIFC 2.0" master plan, an extension designed to triple the space DIFC has, is also ready and could be launched soon, Mr Kazim said.
DIFC will look at a combination of funding options to finance the expansion project, he added.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
RACE CARD
4.30pm: Maiden Dh80,000 1,400m
5pm: Conditions Dh80,000 1,400m
5.30pm: Liwa Oasis Group 3 Dh300,000 1,400m
6pm: The President’s Cup Listed Dh380,000 1,400m
6.30pm: Arabian Triple Crown Group 2 Dh300,000 2,200m
7pm: Wathba Stallions Cup Handicap (30-60) Dh80,000 1,600m
7.30pm: Handicap (40-70) Dh80,000 1,600m.
How%20champions%20are%20made
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Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
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%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EHayao%20Miyazaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Soma%20Santoki%2C%20Masaki%20Suda%2C%20Ko%20Shibasaki%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3C%2Fp%3E%0A
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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PLAY-OFF%20DRAW
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EMILY%20IN%20PARIS%3A%20SEASON%203
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NATIONAL%20SELECTIONS
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