The Dubai International Financial Centre (DIFC) said the total of registered firms in the Center reached 2,437, up 14 per cent from 2018, with a total of 32 per cent growth since 2017. Teh center said it attracted 493 new businesses in 2019.
In total, the Center hosts 737 active financial firms, representing an 18 per cent increase since 2018, and 64 per cent growth in five years.
The DIFC contributed to the creation of 2,034 new jobs, increasing the combined workforce to more than 25,600 professionals, up nine per cent vs 2018, representing more than 140 nationalities.
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC, said: "This growth reflects the Center’s significant direct contribution to Dubai’s economy."
“Both the DIFC’s expansion and its ability to reinforce its status as a hub for the world’s largest financial institutions are all the more exceptional considering the current stagnant growth in the global financial industry," he added.
Essa Kazim, Chairman of DIFC Authority Board of Directors and Governor of DIFC, said, “2019 has been another momentous year for DIFC and we are pleased to have produced record results having achieved a number of milestones including firms registered, number of employees at the Center and total assets."
“The Center’s success is being powered by our focus on sector diversification, investment in innovation and our unwavering commitment to attracting the best global and local talent. We have also forged a number of new partnerships and strengthened existing agreements internationally and regionally which have helped the Center achieve substantial growth,” he added.
In 2019, total banking assets booked in DIFC stood at US$178 billion (up by 13 per cent from 2018). An additional $99 billion of lending was also arranged by DIFC firms. DIFC’s total wealth and asset management industry is worth $424 billion, of which $99 billion was invested by DIFC portfolio managers.
