On February 17, 2002, Sheikh Mohammed bin Rashid, now Vice President and Ruler of Dubai, issued a law formally establishing the Dubai International Financial Centre.
The DIFC, as it came to be known, was envisioned as a tax-free zone that would serve as a financial hub for companies operating across the Middle East, Africa and South Asia. It was also part of a broader strategy to position the emirate as a global centre for finance, trade and investment.
DIFC formally began operations on September 18, 2004, with the opening of The Gate, the centrepiece of the district that is now one of the city's most recognisable landmarks.
Designed by the DIFC's master planner, US architecture firm Gensler, The Gate was modelled on the Arc de Triomphe in Paris. It was intended to serve as a gateway to Dubai’s brand new financial district.
“There is a lot of symbolism in The Gate,” architect Chris Johnson told The National in 2012. “We drew on the logo for the DIFC, which is the rotating square.”
The criss-crossing pattern at the top and on the underside of the arch, as well as the small, stainless-steel plates on the building, are designed to catch the sun every now and again to “set the building off”, he added.
DIFC's true arrival on the global stage came when Sheikh Mohammed, who was Crown Prince of Dubai at the time, officially inaugurated the district at a ceremony on November 12, 2005. The VIP gala featured world leaders as well as leading regional and international finance names.
“Most people talk – we do things. They plan – we achieve. They hesitate – we move ahead,” Sheikh Mohammed said at the event. “We are living proof that when human beings have the courage and commitment to transform a dream into reality, there is nothing that can stop them. Dubai is a living example of that.
“I am pleased to learn that in only one year of operation, the Dubai International Financial Centre has surpassed all expectations. But, this is just the beginning. We expect to hear many success stories from the DIFC.”
The evening began with a dazzling display of fireworks while lasers lit up The Gate and the Dubai skyline with the theme “Notes to success”. It culminated in a performance by the Czech National Symphony Orchestra, accompanied by renowned tenor Andrea Bocelli.
Today, DIFC is one of the fastest-growing onshore financial hubs of the broader Middle East, North Africa and South Asia region. It is home to global investment banks, insurers, global consulting companies, family offices and hedge funds, as well as wealth and asset management and financial technology companies.
Last year, its revenue rose to Dh2.13 billion ($579.9 million), a 20 per cent annual increase, while net profit jumped by 28 per cent to Dh1.48 billion. It also added 2,525 companies to its register, a 40 per cent annual growth, which DIFC governor Essa Kazim described as “staggering” and the highest in the past five years.
The number of active registered companies at the end of 2025 surged to 8,844, employing more than 50,000 people in the centre.
The district has become more than simply a financial centre. Among its striking architectural landmarks is an array of art galleries, five-star hotels, coffee shops, high-end boutiques and restaurants, centred on Gate Village.
Gate Avenue, a Dh1 billion walkway that connects The Gate and Gate Village to all the district's neighbouring towers, opened in 2019.
Last month, Sheikh Mohammed unveiled a Dh100 billion expansion plan for the second phase of DIFC, known as DIFC Za'abeel District. It will boost the centre’s capacity to 42,000 companies and house 125,000 professionals across more than 1.5 square kilometres of floor space.
“The new project will include an expansion of the Financial Centre Academy to accommodate 50,000 students annually and an innovation centre for the digital economy spanning one million square feet, housing 6,000 companies and 30,000 AI specialists. In addition to the launch of a centre for arts and culture, a convention centre, and world-class technological infrastructure to support financial companies," Sheikh Mohammed wrote on X.
The first part of the new district is set to be completed by the end of this decade and will cost Dh20 billion to complete.
