DIFC sees high growth in new firms
dubai — Dubai International Financial Centre (DIFC), ranked among the world’s top 10 international financial centres, reported on Monday a 25 per cent jump in net profit to $99 million in 2017 from $79 million in the previous year.
The region’s leading financial hub said its financial community continued to grow with the total number of registered companies rising by 12 per cent to 1,853.
The net profit of $99 million was exclusive of $412 million of fair value gain on investment properties. In a statement, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, said the financial services sector remains one of the most significant contributors to Dubai’s GDP.
“Today, the centre is the leading financial hub in MEASA and is constantly exploring new opportunities to ensure the development of the regional financial services landscape.” “DIFC continues to deliver on its ambitious strategy while offering the highest standards of support to its current and prospect partners. As a trusted
The centre remains on course to achieve the goal it set in 2014 of tripling the scale of its operations by 2024
Essa Kazim, Chairman of DIFC Authority board of directors and Governor of DIFC
partner, the Centre remains committed to provide best-in-class services and infrastructure to its growing community to help them advance their businesses,” said Sheikh Maktoum. He said DIFC’s commitment is in line with Dubai and its leadership’s ongoing efforts to support a variety of sectors, including financial services, which Dubai has built a strong track record in to become one of
The centre continued to encourage and embrace innovation to further enhance its ecosystem and remain ahead of future
Arif Amiri, CEO, DIFC Authority
the world’s best financial hubs.
In 2017, DIFC made notable progress towards the delivery of its 2024 growth strategy, which aims to increase the number of active financial firms to 1,000 and the combined workforce of DIFC-registered companies to 50,000. DIFC’s financial services sector grew to 473 firms, and the Centre’s workforce increased to 22,338 professionals. During the same period, an additional 384,200 square feet of space was leased, with DIFC properties maintaining a 99 per cent occupancy rate. At the same time, DIFC continued to enhance its infrastructure, with more flagship projects added to the Centre’s masterplan – the most recent of which are the construction of Gate Avenue at DIFC and The Exchange building.
DIFC’s combined revenue in 2017 was $221 million at a similar level of 2016. DIFC’s total assets grew to $3.55 billion, a rise of 15 per cent compared to 2016.
Essa Kazim, Chairman of DIFC Authority board of directors and Governor of DIFC, said the centre remained on course to achieve the goal it set in 2014 of tripling the scale of its operations by 2024. The total number of 315 new registrations in 2017 was a new record for DIFC, representing an average of 26 new registrations per month. The geographic representation in DIFC remained broadly similar year-on-year, with 36 per cent originating from the Middle East, 33 per cent from Europe, 11 per cent from Asia, 10 per cent from the United States and 10 per cent from other countries.
The amount of floor space leased in 2017 was a record for DIFC and indicates strong potential for future employee growth in the district.
Arif Amiri, chief executive officer of DIFC Authority, said the centre continued to encourage and embrace innovation to further enhance its ecosystem and remain ahead of future trends.
“In 2017, we launched a number of initiatives to promote financial innovation, and in turn, financial inclusion in the broader MEASA region. This was accompanied by continuous evolution of our infrastructure and regulatory framework in order for us to enable Fintech SMEs to disrupt the way businesses operate today. This remains a key focus for us as we embark on new opportunities in 2018, guided by a clear roadmap towards the delivery of our 2024 vision.”
FinTech Hive at DIFC, the first-of-its-kind accelerator in the region, received over 100 applications from more than 32 countries in 2017.
Demand for retail space in DIFC continued to grow in 2017 with a seven per cent increase in the number of active retailers registered. The number of retailers rose to 226, up from 211 firms in 2016.