DUBAI, UAE, Sept. 8, 2022 /PRNewswire/ — Dubai International Financial Centre (DIFC), the main global financial centre in the Middle East, Africa and South Asia (MEASA) area, delivered strong growth in the primary half of 2022. The Centre’s strong efficiency reinforces DIFC’s Strategy 2030 to drive the way forward for finance, differentiate Dubai as a global hub for financial establishments, FinTech and innovation firms, and enhance its financial contribution to the emirate.
A complete of 537 new entities registered throughout the first half of this yr, representing an 11 per cent year-to-date enhance. The whole variety of firms working in DIFC has gone up from 3,297 to 4,031 on the finish of June 2022, a rise of twenty-two per cent year-on-year.
The Centre is now house to 1,252 financial and innovation associated firms, a rise of twenty-two per cent from the identical interval in 2021. FinTech and innovation firms jumped from 406 to 599, a 23 per cent enhance year-on-year.
During the primary half of this yr, adjustments to DIFC legal guidelines and laws included amendments to its globally recognised information safety legislation. In alignment with the nation’s imaginative and prescient to develop into a global benchmark in Open Finance, DIFC established the area’s first Open Finance Lab, following an settlement with the Central Bank of the UAE. Furthermore, DIFC expanded its Innovation Hub proposition by launching a global Venture Studios hub and introducing a USD 100 million Venture Debt Fund.
The Centre additionally generated a new wave of curiosity in Dubai from US financial providers firms, following its profitable roadshow with senior executives from greater than 100 American financial providers and expertise firms in attendance. In addition, the Republic of Türkiye Roadshow witnessed a collection of strategic conferences with key shoppers and companions in Istanbul in a transfer to create strong partnerships with firms in the Republic of Türkiye. DIFC additionally held a profitable roundtable in Tel Aviv, Israel, with 30 potential shoppers throughout a big selection of companies in the financial providers sector.
Amongst its 4,031 entities, DIFC is at present house to 17 of the world’s prime 20 banks, 25 of the world’s prime 30 global systemically vital banks, 5 of the highest 10 insurance firms, 5 of the highest 10 asset managers, and plenty of main global legislation and consulting corporations.
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