Dubai: More than 5,500 jobs created by new firms in DIFC

Around 5,514 new jobs were created by the companies in the Dubai International Financial Centre last year, an increase of 15 per cent from the previous year.

The number of people working in the largest regional financial free zone grew from 36,100 in 2022 to 41,597 last year on the back of a strong inflow of new companies. The free zone has created nearly 16,000 jobs since 2019.

The total number of active companies in DIFC grew to 5,523 in 2023, an increase of 26 per cent year-on-year. It recorded the highest-ever annual number of new registrations with 1,451 new companies, up 34 per cent year-on-year.

Its combined revenues grew 23 per cent to Dh1.3 billion while operating profit jumped 27 per cent to Dh859 million last year.

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“AS DIFC continues its journey of success, its accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economy Agenda (D33) to double the size of Dubai’s economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment. DIFC is focused on expanding and deepening its pool of financial services firms and growth stage innovation businesses,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of UAE; and president of the DIFC.

In terms of geographical distribution of companies, 52 per cent of them came from the MEASA, 15 per cent from the UK, 11 per cent from the US, 10 per cent from Europe and 12 per cent from other countries.

New companies 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.

Total financial and innovation-related active companies in the Centre now stand at 1,674, up from 1,369 in 2022, a growth of 22 per cent. During 2023, 316 fintech and innovation firms established their offices, taking the net total to 902.

“DIFC's 2023 performance reflects the Centre’s standing as the leading global financial hub in the region, central to Dubai’s Economic Agenda,” said DIFC Governor Essa Kazim.

The financial centre is currently home to 350 wealth and management firms primarily from GCC, Europe, the UK and the US. There are now 50 funds operating in the free zone, including 15 established last year.

“Hedge funds pipeline is very strong,” Kazim said during the media briefing on Thursday.

By the end of 2023, DIFC enjoyed over 99 per cent commercial and retail occupancy. It recorded 12 million-plus footfall last year while its DIFC Living project was sold out within 48 hours of the launch, reflecting the demand for the project.

“This region is growing faster than other regions. They still face challenges of fighting inflation while this region with oil prices being around $80 a barrel is above breakeven for the government's region. So the outlook is promising as a result DIFC has been able to attract companies from around the world,” he said.

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