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DIFC shrugs-off global trend, boosts UAE financial sector development

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The financial services firms that joined the financial regulator in 2019 include Malaysia’s Maybank Islamic, the USA’s Cantor Fitzgerald from as well as Atlas Wealth Management from Australia and Mauritius Commercial Bank.

Monday 29, July 2019 BY KUDAKWASHE MUZORIWA

Dubai International Financial Centre (DIFC) said that the number of financial companies operating in the financial centre increased by 11 per cent in H1 2019, even as a slowing global economy forced some banks to cut jobs.

The regulator stated that the increase in financial institution operating at the hub has fuelled the creation of over 660 jobs, boosting DIFC’s combined workforce to more than 24,000 individuals, resulting in a 99 per cent occupancy of DIFC-owned buildings.

Additionally, non-financial firms including Guidepoint MEA, Medtronic Finance Hungary and Network International also joined the centre in the first six months of 2019.

The financial hub welcomed more than 250 new companies in H1 2019, bringing the total number of active registered firms to 2,289, demonstrating a 14 per cent increase In H1 2019. 

In January 2019, HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai approved a plan to increase the area of the DIFC.

The development of DIFC 2.0 will provide an international focal point form fintech and innovation, enhancing the centre’s reputation as one of the world’s most advanced financial centres and reinforcing Dubai’s position as one of the world’s top ten fintech hubs.

TAGS : HH Sheikh Mohammed bin Rashid Al Maktoum, DIFC 2.0, Maybank Islamic, Cantor Fitzgerald, Atlas Wealth Management , Guidepoint MEA, Network International

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