Last year, companies in the Dubai International Financial Centre created approximately 5,514 new jobs, marking a 15% increase from the previous year.
The workforce in the largest regional financial free zone surged from 36,100 in 2022 to 41,597 last year, driven by a substantial influx of new companies. Since 2019, the free zone has generated almost 16,000 job.
In 2023, the total number of active companies in DIFC rose to 5,523, marking a 26% year-on-year increase. The free zone also witnessed its highest-ever annual number of new registrations, with 1,451 new companies, representing a 34% year-on-year increase.
Furthermore, its combined revenues surged by 23% to Dh1.3 billion, while operating profit leaped by 27% to Dh859 million last year.
“Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the DIFC, emphasized DIFC’s ongoing success and its alignment with the objectives of the Dubai Economy Agenda (D33). This alignment aims to double Dubai’s economy’s size over the next decade and solidify its position as one of the world’s top three cities for business and investment. DIFC’s focus remains on expanding and enriching its portfolio of financial services firms and growth-stage innovation businesses.”
“In terms of the geographical distribution of companies, 52% originated from MEASA, 15% from the UK, 11% from the US, 10% from Europe, and 12% from other countries.”
New companies joining DIFC include several global powerhouses such as Alliance Bernstein, Brevan Howard, Edmond de Rothschild, Farro Capital, Hudson Bay Capital, Nomura Singapore, The Family Office Company, and many others.
The total number of active financial and innovation-related companies in the Centre has risen to 1,674 from 1,369 in 2022, representing a growth of 22%. In 2023, 316 fintech and innovation firms established their offices, bringing the net total to 902.
“DIFC’s performance in 2023 reflects the Centre’s status as the leading global financial hub in the region, playing a central role in Dubai’s Economic Agenda,” stated DIFC Governor Essa Kazim.
The financial center currently hosts 350 wealth and management firms primarily from the GCC, Europe, the UK, and the US. There are now 50 funds operating in the free zone, including 15 established last year.
“The hedge funds pipeline is very strong,” Kazim stated during a media briefing on Thursday.
By the end of 2023, DIFC achieved over 99% commercial and retail occupancy. It recorded over 12 million footfalls last year, and its DIFC Living project was sold out within 48 hours of launch, reflecting high demand for the project.
“This region is experiencing faster growth compared to others. While other regions are grappling with inflation challenges, this region, with oil prices around $80 a barrel, is above breakeven for the government. Consequently, the outlook is promising, and as a result, DIFC has been successful in attracting companies from around the world,” he added.
