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In the past few years, Dubai International Finance Centre’s (DIFC) growth, one of the top financial centers in the Middle East, Africa, and South Asia region, has been the major engine of growth for the emirate’s economy. It houses 811 fintech and innovation companies, the region’s largest cluster.
In the first half of 2023, more than 660 companies joined DIFC, with the total number of registered companies rising from 4,031 to 4,949, the DIFC said in their H1 2023 performance report.
This rise is also reflected in an increase in the workforce, with 3,057 new jobs created, a 20% year-on-year increase to 39,140.
Fintech businesses led the surge in registered companies, rising from 599 to 811, a 35% increase from last year, followed by financial and innovation-related companies, which recorded a 15% increase.
“DIFC’s exceptional performance in the first half of the year once again demonstrates the strength of the ecosystem it offers for investment, innovation and enterprise to flourish in the financial industry,” said 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 DIFC.
He also said the DIFC plays a vital role in achieving the UAE’s Dubai Economic Agenda D33 launched in January, aiming to double the size of Dubai’s economy over the next decade and secure its position among the top three global cities.
Essa Kazim, Governor of DIFC, reinforced the sentiment by saying, “DIFC plays a pivotal role in driving Dubai’s economic growth in line with the Centre’s Strategy 2030 and the Dubai Economic Agenda (D33).”
“The unprecedented growth during the first six months of 2023 continues to strengthen Dubai’s position as a global leader for finance and innovation.”