Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has announced record financial results for 2024, coinciding with celebrating 20 years since its establishment, and continues to bolster Dubai's position as the region's financial services capital.
The Centre, established in 2004, now houses 6,920 active companies, up from 5,523 companies in 2023, a substantial 25% increase. DIFC attracted 1,823 new registrations, which is the highest ever number recorded in a year, showcasing historic growth of 25%, DIFC said in a statement.
Combined revenues for 2024 have shown the greatest leap since the inception of the Centre, reaching AED1.78bn ($484m), 37% higher than 2023’s record-breaking performance; and operating profit grew to AED1.33bn, up year on year by 55%.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, first deputy ruler of Dubai; deputy Prime Minister and Minister of Finance of the UAE; and president of DIFC, said that Dubai continues to achieve its ambitious aims of creating an advanced financial ecosystem that meets future requirements.
In 2024, DIFC continued attracted several insurance industry players including China Taiping Insurance, Mahindra Insurance Brokers, and Nexus Underwriting. Other financial institutions which were established last year in the DIFC included Bank of Communications, Bluecrest, Blue Owl, Capricorn Fund Managers, CMB International Securities, Dymon Asia Capital, Edmond de Rothschild, Eisler Capital (DIFC) Ltd, Gavekal Wealth, Hamilton Lane, Hayfin, Investec Bank, JJJ Capital, State Street Global Advisors, Tudor Capital, Wellington Asset Management and Ziraat Bank.
Mr Essa Kazim, governor of DIFC, said, “Over the last 20 years, DIFC played a leading role in transforming Dubai and the UAE’s economic landscape, in line with the Dubai Economic Agenda. DIFC’s Strategy 2030 continues to position us as the top global financial centre in the region and as one of the world’s leading financial centres. In line with the Dubai leadership’s commitment to build strategic relationships with the international business community, DIFC will continue to forge new partnerships to further strengthen our reputation for driving the future of finance.”
Mr Arif Amiri, CEO of DIFC Authority, said, “DIFC continues to fortify its position as the region’s number one global financial centre, having welcomed organisations and talent who share our vision to drive the future of finance. As we look ahead, we will continue collaborating with our clients and industry, develop infrastructure, evolve laws and regulations, and nurture innovation to ensure we continue enhancing Dubai’s reputation as the region’s number one global financial centre.”
At present, there are 125 insurance and reinsurance-related companies operating out of the DIFC including five of the world's highest ranked insurance brokers.
To support further growth, the DIFC has launched several initiatives and continues to do so. In particular, in 2024, the centre announced a first-of-its-kind Funds Centre. Set to open in 2025, it will be home to investment managers looking to raise and deploy capital, manage investments, access talent, and deepen their networks.