DIFC reports 25% growth in number of companies in the first half of 2020

 

310 new companies registered in the DIFC during the first six months of this year

 

Dubai: Despite the impact of COVID-19, the Dubai International Financial Center (DIFC) continued to report strong growth in the financial sector during the first half of this year, accelerating its reputation as a leading global financial center and one of the world’s foremost FinTech and innovation hubs.

The financial center announced that 310 new companies joined the center during the first six months of this year, an increase of 25 per cent compared to the same period last year, bringing the number of active companies in the center to 2,584 companies.

“The Dubai International Financial Center’s ability to maintain a high momentum of growth despite the global repercussions of the pandemic reflects the Center’s strong fundamentals and its high levels of preparedness to navigate unforeseen crises, supported by Dubai’s broader economic stability, adaptability and spirit of resilience,” Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Center.

DIFC continued to record registration of 52 companies per month during the first six months of this year with 66 companies in March and 88 companies in June. Currently the centrer is home to 820 financial companies, an increase of 22 per cent compared to the same period last year and an increase of 11 per cent compared to the fiscal year 2019.

“The sustained growth delivered during the first half of 2020 is testament to the resilience of the Center. The performance demonstrates the confidence the industry has in DIFC. As we enter a new period of digital transformation and operate within a ‘new normal’, we will continue to play a key role in contributing to the economy. DIFC will continue to demonstrate our forward-thinking approach to ensure we shape the future of finance, whilst attracting the world’s leading firms, inspirational startups and the best talent,” said Issa Kazim, Governor of the Dubai International Financial Center.

Financial technology companies continued to increase their share with 87 companies specializing in financial technology joining the center during the first half of this year. DIFC also witnessed the joining of a number of prominent financial services companies, including Tata Asset Management, Samba Financial Group, Gazprom Bank, Vending Market, Brookfield Private Capital and Decimel Factor Middle East. Whereas, Ripple and Kovacs Middle East Limited have established new offices in the center.

“During the first six months of 2020, the Center continued to report progress on its 2024 targets. DIFC remained focused on accelerating its reputation as a leading global financial center and one of the world’s foremost FinTech and innovation hubs. During H1 2020, DIFC delivered a series of record-breaking months for registrations. This was achieved whilst we supported our clients during the global challenges of COVID-19. We would like to thank them for the trust they have in Dubai and DIFC,”said Arif Amiri, CEO of the Dubai International Financial Center Authority.

Source: Gulf News

 

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