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 specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Autumn international scores
Saturday, November 24
Italy 3-66 New Zealand
Scotland 14-9 Argentina
England 37-18 Australia
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