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A total of 537 new entities registered in the region’s leading global financial centre, the Dubai International Financial Centre (DIFC) in the first half of the year, an 11% increase on the year-to-date basis.
A WAM report said the total number of companies operating in the DIFC has increased from 3,297 to 4,031 as of June 2022, a 22% year-on-year increase.
Of its 4,031 entities, DIFC currently owns 17 of the world’s top 20 banks, 25 of the world’s 30 global systemically important banks, 5 of the top 10 insurers, and 5 of the top 10 asset managers of 5, as well as many leading global legal and consulting firms.
powerful performance
The centre’s strong performance reinforces DIFC’s 2030 strategy to drive the future of finance, making Dubai a global hub for financial institutions, fintech and innovative companies, and increasing its economic contribution to the emirate.
This has resulted in the fastest job growth since its inception and further expanded the largest and most diverse industry talent pool in the region. As a result, demand for commercial space has also surged.
Demonstrating the attractiveness of DIFC’s market-leading operating environment, legal and regulatory framework, innovative products and ecosystem depth, the center currently hosts 1,252 finance and innovation-related companies, a 22% increase over the same period in 2021. Fintech and innovation companies jumped from 406 to 599, an increase of 23% year-on-year. New clients include Rapyd, the first Israeli company to be regulated in the UAE; Tarabut Gateway, the first regulated open banking platform licensed by the DFSA; KMCE Holdings, a leading digital-first technology provider in Dubai; Oneglobal Broking, professional international brokerage firm; and ADIB Capital Ltd. for wealth and asset management.
Financial Center
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of DIFC, said: “The continued strong growth momentum of DIFC is once again Confirming the lofty vision of His Highness Sheikh Mohammed. The Vice President, Prime Minister and Ruler of Dubai, bin Rashid Al Maktoum, will create a financial center in Dubai that rivals the best financial centers in the world. DIFC’s performance in the first half of the year proves that Dubai is The ability to accelerate knowledge and innovation-driven growth in a rapidly changing international environment, backed by the emirate’s strong and stable economy.”
“The DIFC has created a powerful platform for a diverse range of financial companies, including large global corporations, regional players and promising start-ups, to innovate, expand their businesses and add value to the economy. The continued expansion of the thriving financial community has also Shows DIFC’s growing global profile as an industry cluster that offers excellent opportunities for expansion and business ventures. DIFC will continue to build productive and lasting partnerships with global financial firms to provide them with the infrastructure they need and support to enhance its stability, competitiveness and growth potential,” he added.
DIFC President Essa Kazim commented: “DIFC’s strong performance reflects the continued trust of businesses around the world in Dubai as a financial hub. Looking ahead, the ambitious steps taken by Dubai, and DIFC in particular, to drive the future of finance, will serve as a catalyst for businesses around the world. Bringing a wealth of new opportunities. In addition, they will pave the way for continued economic growth in our region and globally, allowing us to further enhance our competitiveness and position the emirate as a top global centre for financial, fintech and innovation.”
Define the financial sector in the region
Arif Amiri, Chief Executive Officer of the DIFC Authority, noted: “The DIFC has been defining the financial sector in the region for many years. In the first half of 2022, we continue to shape the sector by introducing initiatives that are consistent with our 2030 Strategy, leading to Attracting new business and talent to our ecosystem faster than ever. Leading fintech and innovation initiatives; evolving our laws and regulations; and influencing the thinking of our global peers all contribute to our success. These factors will continue to make Our partners and clients can lead the future of finance and support our nation’s growth ambitions as an innovative economy.”
DIFC continues to be at the forefront of FinTech and innovation development. In June, DIFC hosted FinTech Week, the region’s largest gathering of FinTech innovators, leading investment firms, banks, policymakers and service providers to accelerate industry adoption of next-generation technology solutions.
To support the growth of fintech and innovative companies in the region, DIFC has expanded its innovation hub proposition by launching a global venture studio hub and bringing in a $100 million venture debt fund.
open finance
In line with the country’s vision to become a global benchmark for open finance, DIFC has reached an agreement with the UAE Central Bank to establish the region’s first open finance laboratory. The lab will work with banks, fintechs, regulators and industry to unlock the next wave of growth for the industry and increase consumer protection, financial inclusion, social welfare and economic opportunity.
In the first half of this year, the UAE signed a start-up corridor agreement with India and created a new artificial intelligence and coding license to attract more businesses to set up operations in the DIFC.
The DIFC Employee Workplace Savings (DEWS) scheme is being expanded to include expats from Dubai government entities. This further supports DIFC’s vision to drive the financial future of the region by reforming end-of-service benefit arrangements to meet global retirement savings standards.
largest ecosystem
DIFC is the largest ecosystem of financial services-related companies in the region. DIFC’s contribution to Dubai’s nominal GDP in 2021 is estimated to be 5%, with DIFC Finance contributing over 13% to the UAE’s financial services sector, making the centre a key growth driver for Dubai and the UAE.
In addition to supporting new clients, DIFC is also partnering with existing established clients to capture additional opportunities in the region. This year, clients such as Societe Generale, one of Europe’s leading financial groups; and Kuwait’s Al Ahli Bank, one of the leading banks in the region, have expanded their business by upgrading their licenses.
DIFC continues to develop its legal, regulatory and industry thinking to differentiate its status as a global financial centre.
data protection law
During the first half of this year, DIFC legal and regulatory changes included amendments to its globally recognized data protection laws. The law supports the development of technology and innovation while ensuring that individual rights are properly protected by DIFC companies and their partners. The DIFC data protection law is in the final stages of evaluating its equivalence with UK privacy law, and the partnership will provide practical solutions to complex issues involving cross-border data sharing.
The center has also sparked a new wave of interest in Dubai from U.S. financial services companies. This follows a successful roadshow attended by senior executives from more than 100 leading US financial services and technology companies. In addition, the Republic of Turkey Roadshow saw a series of strategic meetings with key clients and partners in Istanbul aimed at building strong partnerships with companies in the Republic of Turkey.
In the Middle East, DIFC successfully hosted a roundtable in Tel Aviv, Israel, with 30 potential clients involved in various businesses in the financial services industry. Roundtable – MEASA Growth Opportunities for Israeli Tech Companies – discusses the benefits of Israeli fintech companies establishing a presence in DIFC. Another major roadshow was held in Cairo, Egypt, with 89 companies and entrepreneurs in attendance, exploring how Dubai and DIFC can support family businesses to optimize their corporate and financial structures, access market opportunities and leverage digital technologies.
DIFC has also led the preparation of the “Future of Financial Centers” white paper in collaboration with the World Financial Centers Alliance and the Z/Yen Group. The white paper focuses on the role of financial centres in supporting global economic growth and sharing the 2030 Vision. The center has made several proposals to give it a first-mover advantage. DIFC chairs the Dubai Sustainable Finance Working Group (DSFWG), which was established in 2019 to create a leading sustainable finance hub in the region. During the first half of 2022, the DSFWG has formed four working groups that are developing industry reports and tools aimed at increasing ESG (environmental, social and governance) awareness, expertise and adoption in Dubai and the wider region. arab trade news agency
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