The DIFC has recorded its best annual performance

 The Dubai International Financial Centre (DIFC) has recorded its best annual performance ever, with the total number of licensed firms at 2,919 – a 20% increase.

With a 24% increase from 2019, 915 entities have been licensed to provide financial service. The increase was led by fintech-focussed businesses, which now total to 303, doubling their presence during 2020.

The DIFC’s operating profit was $125 million, which is “broadly consistent with the prior year despite global economic headwinds,” as said in a statement.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC stated  “The expansion across the Centre’s sectors validates Dubai’s unyielding focus on diversification, innovation and value addition, and its deep commitment to providing a supportive environment for businesses across the spectrum – from the world’s largest financial institutions to local entrepreneurs.”

“The remarkable growth in 2020 enhances the diversity and sophistication of DIFC’s financial ecosystem, further raising Dubai’s status as a major focal point for global finance and a growth multiplier for the industry.”

The notable sign ups included TATA Asset Management, Saudi Arabia’s Samba Financial Group, and AfricaRe. The fintechs who joined included Ebury, Ripple, Adyen, KoFax Me and tabby.

In 2020, the total banking assets booked in DIFC increased by 6% to $189 billion. An additional $64 billion of lending was also arranged by DIFC-based firms.

Wealth and asset management investments channeled from the DIFC base increased by 106% from 2019 and totalled to $203.5 billion. Gross written premiums for the insurance sector reached $1.7 billion.

The DIFC workforce increased by 4% year-on-year. In all, 1,135 new jobs were created by client companies, taking the total workforce to 26,773.

In 2020, the DIFC became a part of ‘Dubai Future District’ and the DIFC Innovation Hub was created – another forward looking initiative.

Source: Gulf News

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