Dubai International Financial Centre (DIFC) grew at a record pace last year, with the number of active registered companies climbing by 20 per cent while the financial hub’s annual revenue exceeded Dh1 billion ($288 million) for the first time, amid strong economic momentum in the emirate.
Employment in DIFC, one of the top financial centres in the Middle East, Africa and South Asia (Measa) region, also increased at the fastest pace in 2022, jumping 22 per cent annually to more than 36,000, Essa Kazim, governor of DIFC, told a media briefing on Monday.
The sharp growth supports Dubai’s D33 economic agenda objectives and was driven by the financial centre’s 2030 strategy aimed at doubling its contribution to the emirate’s economy by the end of the decade.
DIFC is “enhancing and supporting the strength of the diversification process that Dubai had embarked on a long time ago, [with] the financial services sector as one of the main pillars to support that diversification”, Mr Kazim said.
The number of active registered companies in DIFC rose to 4,377, almost doubling from the 2019 pre-pandemic level of 2,431. New companies registered in DIFC last year surpassed 1,000 for the first time since its inception.
“In 2022, DIFC managed to registered around 1,084 companies, so that would make it like four companies every working day and that … indicates the attractiveness of DIFC as a major hub,” Mr Kazim said.
FinTech and Innovation was the fastest-growing sector in DIFC last year, with the total number of firms in the sector growing 36 per cent to reach 686.
DIFC also recorded a 33 per cent rise in net profit to $141 million. Revenue rose 18 per cent on an annual basis, driven by a 19 per cent increase in its operating income to $185 million, the Dubai Media Office said in a separate statement on Monday.
Total assets of DIFC, which last year recorded a $174 million gain on investment in properties, reached $4.54 billion at the end of 2022, the statement said.
Dubai’s rapid recovery from the pandemic-driven slowdown on the back of government initiatives has supported the growth of DIFC over the past two year, Mr Kazim said.
He expects the emirate, the commercial and business centre of the Middle East, to continue its growth momentum this year, despite global geopolitical uncertainties and macroeconomic headwinds.
“I think this year, we're very much optimistic to achieve the growth rate of anywhere between 4 per cent [and] 5 per cent,” he said.
Dubai's economy expanded 4.6 per cent on an annual basis in the first nine months of 2022, according to the Dubai Statistics Centre.
Emirates NBD estimates Dubai's full-year 2022 growth at 5 per cent, and expects the emirate’s GDP to grow by 3.5 per cent in 2023.
DIFC, which has also proven to be a catalyst in driving foreign direct investment over the past five years, is home to 17 of the world’s top 20 banks, 25 of the world’s top 30 “systemically important” global financial institutions and five of the top 10 global insurance companies, the media office statement said.
The financial centre also has a pipeline of more than 50 hedge funds with assets under management in excess of $1 trillion that are waiting to be licensed, Mr Kazim said.
Total banking assets booked in DIFC companies were stable at $199 billion at the end of 2022. However, lending arranged by DIFC firms rose 54 per cent, or by $166 billion, during the year.
Wealth and asset management portfolio managers in DIFC invested $164 billion last year compared with $151 billion in the previous year. Venture capital companies' funding increased to $1.2 billion, up by 78 per cent, while DIFC-based FinTech and innovation companies attracted more than $615 million in 2022, the media office said.
The financial hub’s “DIFC 2.0" master plan, an extension designed to triple the space DIFC has, is also ready and could be launched soon, Mr Kazim said.
DIFC will look at a combination of funding options to finance the expansion project, he added.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Specs
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Range: Up to 610km
Power: 905hp
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
