[ad_1]
The region’s leading global financial center, Dubai International Financial Center (DIFC), registered 537 new entities in the first half of the year, an 11 percent increase year-on-year.
A report by WAM said the total number of companies operating in DIFC has increased from 3,297 to 4,031 by the end of June 2022, a year-on-year increase of 22%.
Of its 4,031 entities, DIFC currently hosts 17 of the top 20 global banks, 25 of the top 30 global systemically important banks, 5 of the top 10 insurance companies, and 5 of the top 10 asset managers. 5 and many of the world’s leading legal firms and consulting firms.
Strong performance
The center’s strong performance reinforces DIFC’s 2030 strategy to drive the future of finance, making Dubai a global hub for financial institutions, fintech and innovation companies, and increasing its economic contribution to the emirate.
This has resulted in the fastest rate of job growth since its inception and has further expanded the largest and most diverse industry talent pool in the region. As a result, the demand for commercial space has skyrocketed.
The center now hosts 1,252 finance and innovation-related companies, a 22% increase over the same period in 2021, demonstrating the appeal of DIFC’s market-leading operating environment, legal and regulatory framework, innovative products and depth of ecosystem. Companies jumped from 406 to 599, an increase of 23% YoY. 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 reaffirms that Sheikh Mohammed His Royal Highness’s vision is that Vice President, Prime Minister and Ruler of Dubai bin Rashid Al Maktoum will create a financial center in Dubai that can rival the best in the world. DIFC’s first half results are a testament to Dubai’s rapid growth The ability to accelerate knowledge and innovation-driven growth in a changing international environment, backed by the emirate’s strong and stable economy.”
“DIFC has created a powerful platform for a wide range of financial firms, including large global financial institutions, regional players and promising start-ups, to innovate, scale their businesses and add value to the economy. The continued expansion of the thriving financial sector is also Demonstrating DIFC’s growing global profile as an industry cluster offering excellent opportunities for expansion and business ventures. DIFC will continue to forge fruitful and long-lasting partnerships with global financial companies, providing them with enhanced stability, competitiveness and growth the infrastructure and support needed to realize its potential,” he added.
DIFC Governor Essa Kazim commented: “DIFC’s strong performance reflects the continued trust of businesses around the world in Dubai as a financial centre. Looking ahead, Dubai and in particular DIFC’s ambitious steps to drive the future of the financial sector, “There will be a wealth of new opportunities for businesses. Furthermore, they will pave the way for continued economic growth in our region and globally, allowing us to further increase our competitiveness and differentiate the emirate as a top global center for finance, fintech and innovation.” “
Define the financial sector of the region
Arif Amiri, CEO 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 launching initiatives in line with our 2030 strategy, which has resulted in the ‘Leading Financial future and support our nation’s growth ambitions as an innovative economy. “
DIFC continues to be at the forefront of fintech and innovation developments. 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 proposal by launching a global venture studio hub and introducing a $100 million venture debt fund.
open finance
In line with the country’s vision to become the global benchmark for open finance, DIFC has established the region’s first open finance lab following an agreement with the Central Bank of the UAE. The lab will work with banks, fintech companies, regulators and industry to unlock the next wave of growth for the industry and enhance consumer protection, financial inclusion, social wellbeing and economic opportunity.
In the first half of this year, the UAE-India Startup Corridor Agreement was established and new licenses for artificial intelligence and coding were created to attract more businesses to set up operations in DIFC.
The DIFC Employee Workplace Savings (DEWS) scheme is being expanded to include expatriates of Dubai Government entities. This further supports DIFC’s vision to drive the future of the region’s financial sector by reforming end-of-service benefit arrangements to align with global retirement savings standards.
largest ecosystem
DIFC is the largest ecosystem of financial services related companies in the region. With DIFC’s contribution to Dubai’s nominal GDP estimated at 5% in 2021, DIFC Financial Corporation contributes more than 13% to the UAE’s financial services industry, making the center a key growth driver for Dubai and the UAE.
As well as supporting new clients, DIFC is also working with its existing established clients to capture further opportunities in the region. This year, clients such as Société Générale, one of the famous European financial groups; Al Ahli Bank in Kuwait, one of the leading banks in the region, expanded their business scope by upgrading their licenses.
DIFC continues to develop its laws, regulations and industry thinking to differentiate it as a global financial centre.
data protection law
Changes to DIFC laws and regulations in the first half of the year 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 assessing 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 US financial services firms. Previously, the successful roadshow featured senior executives from more than 100 leading US financial services and technology companies. In addition, the Republic of Turkey Roadshow witnessed 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 hosted a successful round table in Tel Aviv, Israel, attended by 30 potential clients from a wide range of businesses in the financial services sector. The roundtable – MEASA Growth Opportunities for Israeli Tech Companies – discussed the benefits of doing business in DIFC for Israeli fintech companies. Another major roadshow, held in Cairo, Egypt, was attended by 89 companies and entrepreneurs, exploring how Dubai and DIFC can support family businesses in optimizing their corporate and financial structures, accessing market opportunities and leveraging digital technologies.
DIFC also led the development of a white paper entitled The Future of Financial Centers in partnership with the World Financial Centers Alliance and the Z/Yen Group. The white paper focuses on the role of financial centers in supporting global economic growth and sharing the 2030 vision. The center has already come up with several proposals, giving it a first-mover advantage. DIFC hosts the Dubai Sustainable Finance Working Group (DSFWG), which was formed in 2019 to create the region’s leading sustainable finance hub. During the first half of 2022, the DSFWG established four sub-working groups to develop industry reports and tools aimed at increasing ESG (environmental, social and governance) awareness, expertise and adoption in Dubai and the wider region. — trade arab news agency
[ad_2]
Source link
