The number of active companies in Dubai International Financial Centre (DIFC) rose 6 per cent in the first half of the year as more global firms flocked to the free zone.
Several European financial services firms were among those setting up, DIFC said.
"The strong principles on which DIFC is founded - effective regulation and a dynamic business environment - position DIFC well to continue its development as a world financial centre," said Abdul Aziz Al Ghurair, the chairman of the board of directors of DIFC Authority.
A total of 899 active registered companies had a presence in DIFC during the period, up from 848 during the first half of last year.
It also issued 90 commercial licences during the period, a 41 per cent rise from the same time last year, while 39 licences were withdrawn as companies exited DIFC.
Coutts and Company, a British private banking house; Swiss Re Corporate Solutions, a Swiss insurance firm; and NBAD Investment Management, the investment arm of National Bank of Abu Dhabi, all launched operations in the free zone.
Since its launch in 2004, DIFC has positioned itself as a financial services centre between the axes of power of New York and London to the west and Hong Kong and Singapore to the east. The free zone said it was getting interest from European and North American businesses wanting to diversify into the East. But it said it was also there was increasing demand from Asian and Middle East companies wanting to take advantage of opportunities in Africa and the West.
The data provides evidence of a gradual shift in the geographical diversity of firms.
European companies accounted for 41 per cent of total firms during the first quarter of last year, with 10 per cent from Asia. Now 36 per cent are from Europe and 11 per cent from Asia, with 26 per cent from the Middle East, 16 per cent from North America and 11 per cent from the rest of the world.
Demand for office space also rose during the first half of the year. Occupancy of DIFC-owned commercial offices in the Gate District rose to 98 per cent of leasable space, up from 95 per cent in the first half of last year. Across the whole of the DIFC, a total of 179,700 square feet of new space was occupied in the first quarter, representing 60 per cent of that leased during the whole of last year.
Occupancy within retail space remained consistent at 96 per cent. The DIFC Authority runs the centre under the new chief executive, Jeff Singer.
tarnold@thenational.ae
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.
The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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 banned).
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.
Anna and the Apocalypse
Director: John McPhail
Starring: Ella Hunt, Malcolm Cumming, Mark Benton
Three stars
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE currency: the story behind the money in your pockets
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5