Dubai’s DIFC enjoys best year on record as Saudi Arabia stakes regional claim

Dubai’s DIFC enjoys best year on record as Saudi Arabia stakes regional claim

Dubai International Financial Centre (DIFC) on Tuesday reported its best annual performance in its 16-year history with the number of new firms growing by 20 percent in 2020, taking the total to 2,919.

Reaffirming Dubai's growing reputation across the global finance industry, a total of 915 financial companies are now active in DIFC, up 24 percent from 735 in 2019 while the number of businesses in the fintech and innovation ecosystem more than doubled with 189 joining in 2020, taking the total to 303.

Over the last 12 months, 19,182 members of the DIFC workforce from 1,187 firms operating in the emirate's financial hub, have been enrolled in the plan

The DIFC workforce rose 4 percent to 26,773 while the market size of DIFC-based activities grew to $784 billion, an increase of 12 percent from the previous year

"This represents substantial progress on DIFC's 2024 vision and strategy to drive the future of finance. The wide range of new clients further contributes to the breadth and depth of DIFC, underscoring the solid foundations that the centre has been built on," a statement said.

It added that business sectors across DIFC achieved "exponential" growth, including banking, capital markets, wealth and asset management, fintech and professional services.

Sheikh