– The Dubai International Finance Center reaffirms its position as a global center for finance, innovation and talent attraction with strong results in the first half of 2023
DUBAI, UAE, Aug. 2, 2023 /PRNewswire/ — The Dubai International Finance Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA) region, experienced unprecedented growth in the first half of 2023. DIFC’s performance reaffirms its efforts to fuel the future of finance as the region’s growth catalyst for financial institutions, FinTech companies, and innovation companies.
A total of 661 new entities were registered during the first half of this year, representing a double-digit year-on-year increase (23 percent). The total number of companies operating in DIFC increased from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23 percent. Reflecting DIFC’s growing reputation as a global hub for FinTech and Innovation, the number of companies in those sectors grew from 599 to 811 year-over-year, up 35 percent.
The company’s growth has led to a strong increase in job creation, up 20 percent year-on-year to 3,057, bringing the total workforce at DIFC to 39,140 people in line with DIFC’s 2030 Strategy, further strengthening the position of Dubai as a global hub for world-class talent.
The strong influx of major companies underscores Dubai’s appeal as a global business hub and reaffirms DIFC’s world-class reputation which continues to attract companies from around the world. Hedge fund entry continued in the first half of 2023, tapping into the DIFC ecosystem of more than 300 asset and wealth management firms, and the progressive global center for alternative investments. Among its 4,949 entities, DIFC is currently home to 17 of the world’s top 20 banks, 25 of the world’s top 30 systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers and many of the leading legal and consulting firms in the world.
Recognizing Dubai’s progress within the industry, the Spring 2023 edition of the Global Financial Centers Index ranked the city as one of the world’s ten financial centers as a global leader with deep and broad capabilities. Dubai is the only financial center in the Middle East, Africa and South Asia region to have achieved this ranking. www.difc.ae
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