Dubai International Financial Center (DIFC) witnessed strong growth in the first half of 2022. The center’s impressive results support DIFC’s aim to advance fintech companies and innovation firms, and boost its economic contribution to the emirate.
According to the latest figures by DIFC, the number of registered firms increased by 22% year over year in the second quarter.
At the end of June 2022, there were 4,031 companies established in DIFC, up from 3,297 the previous year. Around 537 new companies, including fintech firms, joined the financial hub, representing an 11% increase year to date.
“The growth led to the fastest job creation rate since inception and now further expands the region’s largest and most diverse pool of industry talent. As a result, the demand for commercial space also surged,” DIFC said in a statement.
The number of jobs and the need for commercial space both increased as more companies joined DIFC.
Around 1,250 financial and innovation-related businesses are currently based in DIFC.
“The continued expansion of the thriving financial community also shows DIFC’s growing global profile as an industry cluster that offers exceptional opportunities for expansion and business enterprise,” said His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC.
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