Dubai International Financial Centre (DIFC) Achieves Exceptional Growth in First Half of 2024
The Dubai International Financial Centre (DIFC) has reported outstanding results for the first half of 2024, marking its 20th anniversary with record-breaking growth across various sectors. As the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, DIFC continues to solidify Dubai’s position as a top global ecosystem for innovation and business growth.
Unprecedented Expansion in Company Registrations and Workforce
DIFC has witnessed a surge in active registered companies, surpassing 6,000 for the first time. The total number of companies increased by 24% year-on-year, reaching 6,153. In the first six months alone, 820 new companies joined DIFC, representing a record 24% increase from the same period last year. The FinTech and innovation sectors experienced particularly strong growth, with the number of firms rising from 811 to 1,081, a 33% year-on-year increase.
The Centre’s workforce also saw significant expansion, with 4,647 new jobs created over the past 12 months. The total workforce now stands at 43,787, a 12% increase from the first half of last year. This growth underscores DIFC’s ability to attract top-tier talent and institutions from around the world.
Financial Sector Growth and Sustainable Initiatives
DIFC’s financial sector continued to flourish, with over 370 wealth and asset management firms now based in the Centre. Assets Under Management increased by 58%, reaching USD 700 billion. The insurance and reinsurance sector grew by 14%, now comprising 125 companies. Gross Written Premiums for the insurance sector in 2023 reached USD 2.6 billion, a 24% increase from the previous year.
The Centre’s commitment to sustainability was recognized with its Sustainable Finance Catalyst being named the Sustainable Finance Initiative of the Year by Finance Middle East Awards 2024. Dubai also advanced its position as the region’s leading green finance centre in the Z/Yen Green Financial Centre Index rankings.
