The Dubai International Financial Centre added a record number of companies in 2024, with new registrations up by about 25 per cent annually to 1,823 amid the emirate's economic growth momentum.
The total number of companies at the centre grew to 6,920 last year, the DIFC said on Tuesday. Some of the new financial companies that set up in the centre include Allfunds, ASK Wealth Advisors, Blue Owl, Edmond de Rothschild, Nuvama Private, State Street Global Advisors and Taula Capital.
The number of technology companies grew the most – up 38 per cent annually to 1,245 – while family-owned businesses jumped by a third to more than 800.
Job numbers at the DIFC increased 10 per cent year-on-year to more than 46,000, with the artificial intelligence, financial technology and innovation workforce rising 43 per cent to more than 4,200.
Wealth and asset management firm numbers rose 16 per cent year-on-year to 410, driven by large inflows of wealth from high-net-worth individuals, family offices and financiers, the centre said.
The DIFC in November had reported that the leading 120 families and wealthy individuals within its jurisdiction are managing more than $1.2 trillion of wealth.
Meanwhile, DIFC's operating profit for 2024 rose 55 per cent annually to Dh1.33 billion ($363 million), as revenue grew to Dh1.78 billion, up 37 per cent – marking its biggest growth since its establishment in 2004, it said.
"We will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai’s status as the region’s top global financial centre," said DIFC Authority chief executive Arif Amiri.
The DIFC, which marked its 20th anniversary last June, is expanding its offerings in line with the Dubai Economic Agenda – D33 – that aims to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities.
Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion. Growth was largely driven by strides in sectors including finance, government data showed earlier this month.
Real estate has also driven the DIFC's growth. In December, Abu Dhabi's biggest real estate developer Aldar bought a 40-storey commercial tower for Dh2.3 billion at the DIFC, as demand for office space in Dubai continues to grow.
Commercial real estate occupancy remains high across the DIFC, with its owned and managed properties operating at 99.8 per cent occupancy, it said.
The centre had already unveiled plans to grow its commercial space by 148,645 square metres by 2027, 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 metres of commercial space. This is scheduled for handover in the third quarter of 2026.
Last year, the DIFC also opened the Innovation Tower, adding about 18,580 square metres to the financial centre, and broke ground on the Immersive Tower, which will add about 58,500 square metres by the second quarter of 2027.
The centre last year also started work on DIFC Square, which is scheduled for handover in the first quarter of 2026.
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Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
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Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
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The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
