DUBAI, UAE, July 30, 2024 /PRNewswire/ -- The Dubai International Financial Centre (DIFC), the leading global financial centre in MEASA region, announced outstanding results for the first half of 2024. Coinciding with its 20th anniversary, the results reinforce DIFC's growing role in driving the future of finance, and Dubai's position as a top global ecosystem for innovation and business growth.
Dubai International Financial Centre (DIFC)
The number of active registered companies in DIFC exceeded 6,000 for the first time, representing 24 per cent growth. A total of 820 new companies also joined DIFC in the first six months. Reflecting the Centre's focus on FinTech and Innovation, firms in these sectors grew by 33 per cent year-on-year. DIFC companies continue to attract talent from across the world and created 4,647 new jobs during the last 12 months. The total workforce now stands at 43,787.
DIFC is home to the largest cluster of financial firms in the region and outperforms the market for growth. Over 370 wealth and asset management firms, including more than 50 pure play hedge funds are now based in the Centre, originating primarily from the GCC, Europe, UK and the US. Assets Under Management in DIFC have increased by 58 per cent. The insurance and reinsurance sector now includes 125 companies, up from 110 which represents 14 per cent growth.
The recently launched Dubai AI Campus at the DIFC Innovation Hub will support the Centre's next phase of growth by accelerating AI adoption across all industries. The Dubai AI Campus offers dedicated co-working spaces to tech start-ups, including AI businesses, of which 75 businesses are already operating there. Phase two, which will see the campus expansion, is set to attract 500 companies and create 3,000 jobs by 2028.
DIFC introduced some of the world's most innovative laws to bring further confidence and market certainty to both FinTech and digital asset classes. Most recently, this included the world's first Digital Assets Law.
Properties owned and managed by DIFC continue to be in high demand. To address the high demand for A-grade, LEED certified commercial premises, DIFC will bring another 1.6mn sq. ft. of commercial space to market over the next three years. Most recently, the Centre broke ground on DIFC Square, a landmark development and commercial project comprising of three interconnected buildings, with handover scheduled for Q1 2026.
