The number of firms operating out of Dubai International Financial Centre rose 25 per cent in the first half of 2020 as the financial free zone looks to triple its size by 2024.
DIFC attracted 310 new companies in the first half of 2020, bringing the total number of companies based in the free zone to 2,584, the centre said on Saturday. The free zone had 66 new registrations in March and 88 in June compared to an average of 52 registrations in other months. DIFC now has 820 financial firms.
"During [the first half of] 2020, DIFC delivered a series of record-breaking months for registrations. This was achieved while we supported our clients during the global challenges of Covid-19,” said Arif Amiri, chief executive of DIFC Authority.
New DIFC registrations include Tata Asset Management, Samba Financial Group, Gazprombank, Funding Souq and Decimal Factor Middle East, while new FinTechs include Ripple and KoFax Me.
The number of licensed FinTech firms in DIFC grew 74 per cent within this period, with 87 new companies linked to financial technology joining the free zone.
The onshore financial centre is home to some of the world’s biggest financial institutions, banks, investment firms, wealth managers and insurers.
Last year, the number of firms operating out of DIFC rose to 2,437 by the end of 2019 after the centre welcomed 493 new companies. The total size of the wealth and asset management industry in DIFC grew to $422bn, while other activities amounted to $276bn. Gross written premiums by DIFC-based insurers totalled $1.98bn.
DIFC was established in 2004 and it aims to raise the number of financial companies to 1,000, and employ 50,000 people by 2024.
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
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Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
