A total of 4,647 new jobs were created at the DIFC in the year to June, increasing its total workforce by 12 per cent to 43,787. Chris Whiteoak / The National
A total of 4,647 new jobs were created at the DIFC in the year to June, increasing its total workforce by 12 per cent to 43,787. Chris Whiteoak / The National
A total of 4,647 new jobs were created at the DIFC in the year to June, increasing its total workforce by 12 per cent to 43,787. Chris Whiteoak / The National
A total of 4,647 new jobs were created at the DIFC in the year to June, increasing its total workforce by 12 per cent to 43,787. Chris Whiteoak / The National

DIFC adds 820 more companies in first half with assets under management hitting $700bn


Alvin R Cabral
  • English
  • Arabic

The Dubai International Financial Centre added 820 companies in the first half of the year, with the total assets under management in financial district rising to more than $700 billion amid continuing expansion plans.

AUMs jumped 58 per cent from $444 billion, as total registered companies climbed 24 per cent annually to 6,153, the DIFC said on Tuesday.

Companies operating in the financial technology and innovation sectors, key industries the DIFC is targeting, rose by a third year-on-year to 1,081.

The centre also said 4,647 new jobs were created in the year to June 2024, increasing its total workforce by 12 per cent to 43,787, it said.

The DIFC “has not only shaped Dubai's reputation as a major global financial centre but also contributed to the UAE’s sustainable growth and the economic development of the region”, Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and president of the DIFC, said.

“By fostering a robust financial ecosystem, attracting top-tier talent and institutions and establishing strong networks of global co-operation, the DIFC has opened new growth avenues, positioning Dubai as a key focal point for international finance and commerce.”

The figures indicate sustained momentum for the DIFC, which attracted a record number of companies in 2023, leading to a 45 per cent annual jump in its net profit for the year.

The DIFC, which marked its 20th anniversary in June, was also ranked as the top free zone for greenfield foreign direct investment projects for 2023, by industry tracker fDI Intelligence.

The centre recorded $481 million in greenfield FDI across 116 projects, marking a 53 per cent jump since 2021.

More than 370 wealth and asset management firms, including more than 50 pure play hedge funds are now based in the DIFC, originating primarily from the GCC, Europe, UK and the US.

Some firms that recently joined the centre include AllianceBernstein, Baring Asset Management, Blue Owl Capital, Revolut, State Street Global Advisors and Theia Investments.

In addition, more than 600 active entities are affiliated with family businesses in the DIFC, including more than 120 of the world’s wealthiest families and individuals with a total net worth exceeding $1.2 trillion, the DIFC said.

“Over the coming years, we seek to further enhance DIFC’s industry ecosystem to meet the evolving needs of the global economy and enable businesses, entrepreneurs and investors to tap promising new opportunities,” Sheikh Maktoum said.

The centre's initiatives are aligned with the Dubai Economic Agenda, the strategy known as D33 that aims to double the size of its economy to Dh32 trillion ($8.7 trillion) over the next decade and establish the emirate among the top three global cities.

Dubai’s economy grew by 3.2 per cent annually in the first quarter of 2024, with Dh115 billion added to the emirate’s gross domestic product during the period, driven by the expansion of the transport and storage sector, as well as the financial and insurance industry, government data showed last week.

The DIFC has also unveiled plans to grow its commercial space by 148,645 square metres to cater to the growing demand for its real estate.

In 2022, it announced the mixed-use project DIFC Living and Innovation Two, which includes more than 170 residential units and nearly 19,000 square feet of commercial space. It is scheduled for handover in the third quarter of 2026.

Earlier this year, the DIFC Innovation One tower was opened, adding about 18,580 square metres to the financial centre.

In May, DIFC broke ground on the Immersive Tower, which will add about 58,500 square metres by the second quarter of 2027.

The centre also started work last month on DIFC Square, which will add 56,400 square metres and is scheduled for handover in the first quarter of 2026.

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Director: Tim Burton

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Brief scores:

Everton 2

Walcott 21', Sigurdsson 51'

Tottenham 6

Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'​​​​​​​

Man of the Match: Son Heung-min (Tottenham Hotspur)

UAE currency: the story behind the money in your pockets
List of alleged parties
  • May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
  • 27 Nov 2020: PM gives speech at leaving do for his staff
  • Dec 10 2020: Staff party held by then-education secretary Gavin Williamson 
  • Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
  • Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters 
  • Dec 15 2020: PM takes part in a staff quiz
  • Dec 18 2020: Downing Street Christmas party 
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Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

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Benefits of first-time home buyers' scheme
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  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
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  • DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Brief scoreline:

Tottenham 1

Son 78'

Manchester City 0

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Sand storm

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Europe’s rearming plan
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  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
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1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

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Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
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3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
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United States beat UAE by three wickets

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UAE v Scotland – no result

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Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

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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. 

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Results

2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly

3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi

4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar

4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer

5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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Updated: July 30, 2024, 11:46 AM`