The growth in the number of registered companies at the DIFC led to the creation of a record 3,057 jobs in first half of 2023. Chris Whiteoak / The National
The growth in the number of registered companies at the DIFC led to the creation of a record 3,057 jobs in first half of 2023. Chris Whiteoak / The National
The growth in the number of registered companies at the DIFC led to the creation of a record 3,057 jobs in first half of 2023. Chris Whiteoak / The National
The growth in the number of registered companies at the DIFC led to the creation of a record 3,057 jobs in first half of 2023. Chris Whiteoak / The National

DIFC posts 23% rise in companies joining financial centre in first half of 2023


Deena Kamel
  • English
  • Arabic

A total of 661 companies joined the Dubai International Financial Centre in the first half of 2023, a 23 per cent increase from the same period last year, underscoring the emirate’s global reputation.

The total number of registered companies rose to 4,949 during the first six months of the year, from 4,031 in the same period last year, the DIFC said on Tuesday.

The growth in the number of registered companies led to the creation of a record 3,057 jobs, increasing the total workforce in DIFC by 20 per cent year-on-year to 39,140, it said.

“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,” said Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai, and president of the DIFC.

“As the emirate enters a new phase of growth with the implementation of the Dubai Economic Agenda D33, DIFC will be a vital contributor to the emirate’s efforts to open new horizons of sustainable development and unlock the potential of advanced financial technologies.”

Launched in January, D33 aims to double the size of Dubai’s economy, with a target of Dh32 trillion by 2033, and establishing the emirate among the world's top three centres.

The strategy aims to boost the emirate’s competitiveness and future-readiness.

The DIFC recorded an increase in FinTech and innovation companies from 599 to 811 in the first half of 2023, up 35 per cent year-on-year, it said.

The centre is now home to 1,443 financial and innovation related companies, a 15 per cent year-on-year growth.

Growth in the number of companies seeking to set up in the DIFC has also boosted demand for office space in the financial district.

The DIFC leased more than 233,000 square feet of owned and managed commercial space, underscoring high demand for commercial space in the first six months of the year, it said. Occupancy rates stood at 99 per cent.

“The unprecedented growth during the first six months of 2023 continues to strengthen Dubai’s position as a global leader for finance and innovation,” Essa Kazim, governor of DIFC, said.

“This is testament to our world-class laws, regulation and infrastructure which enables DIFC to continue attracting a host of established companies, growth stage firms, and the region’s deepest pool of financial talent.”

DIFC is the base for 632 financially regulated firms, surpassing the 600-mark for the first time during the first half of the year, the statement said.

The influx of hedge funds continued during the first six months of 2023, raising DIFC’s reputation as a focus for alternative investments, it said.

Among the firms joining DIFC in 2023 were Asia Research and Capital Management Ltd, Edmond de Rothschild, EnTrust Global, Hudson Bay Capital, King Street Capital, Nomura Singapore, St James’s Place and Verition Fund Management.

In line with DIFC’s Strategy 2030 to shape the future of finance and innovation, the centre recently announced the Dubai AI and Web3 Campus aimed at creating the largest cluster of artificial intelligence (AI) and tech companies in the region.

The campus is set to attract more than $300 million in funds, house more than 500 global AI and Web3 start-ups and create more than 3,000 jobs by 2028.

The DIFC Launchpad, which aims to promote the growth of innovative start-ups and scale-ups, expects to support the launch of more than 200 ventures in Dubai, create more than 8,000 jobs and attract more than Dh2 billion in venture capital.

Dubai also launched the DIFC Family Wealth Centre in March, billing it as “the world’s first dedicated centre for family wealth.

The initiative is in line with Dubai government's commitment to supporting family businesses, which continue to play a major role in accelerating the growth of Dubai’s economy.

The emirate, the commercial and business centre of the Middle East, continues to look closely at sustainable financing as the UAE prepares to host the Cop28 climate summit in November.

DIFC also established a Path to Cop28 programme for the global finance community.

“DIFC’s initiatives will continue to pave the way for the growth of sustainable finance in the region in the run up to Cop28 and beyond,” it said.

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

Company%20profile
%3Cp%3E%3Cbr%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Khodar%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%20and%20Alexandria%2C%20in%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ayman%20Hamza%2C%20Yasser%20Eidrous%20and%20Amr%20El%20Sheikh%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20agriculture%20technology%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24500%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Saudi%20Arabia%E2%80%99s%20Revival%20Lab%20and%20others%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%2035%3C%2Fp%3E%0A
The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

UAE currency: the story behind the money in your pockets
Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

What's%20in%20my%20pazhamkootan%3F
%3Cp%3E%3Cstrong%3EAdd%3A%3C%2Fstrong%3E%3Cbr%3EParippu%20%E2%80%93%20moong%20dal%20and%20coconut%20curry%3Cbr%3ESambar%20%E2%80%93%20vegetable-infused%20toor%20dal%20curry%3Cbr%3EAviyal%20%E2%80%93%20mixed%20vegetables%20in%20thick%20coconut%20paste%3Cbr%3EThoran%20%E2%80%93%20beans%20and%20other%20dry%20veggies%20with%20spiced%20coconut%3Cbr%3EKhichdi%20%E2%80%93%20lentil%20and%20rice%20porridge%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EOptional%3A%3C%2Fstrong%3E%3Cbr%3EKootukari%20%E2%80%93%20stew%20of%20black%20chickpeas%2C%20raw%20banana%2C%20yam%20and%20coconut%20paste%3Cbr%3EOlan%20%E2%80%93%20ash%20gourd%20curry%20with%20coconut%20milk%3Cbr%3EPulissery%20%E2%80%93%20spiced%20buttermilk%20curry%3Cbr%3ERasam%20%E2%80%93%20spice-infused%20soup%20with%20a%20tamarind%20base%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cstrong%3EAvoid%3A%3C%2Fstrong%3E%3Cbr%3EPayasam%20%E2%80%93%20sweet%20vermicelli%20kheer%3C%2Fp%3E%0A
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How Sputnik V works
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

Engine: 2.4-litre four-cylinder

Power: 136hp @ 1,600rpm

Torque: 360Nm @ 1,600 rpm

Transmission: Five-speed manual

Fuel consumption, combined: 9.1L / 100km

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.4-litre%20twin-turbo%20V8%20with%2048V%20mild%20hybrid%20system%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E544hp%20at%205%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%20at%201%2C800-5%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh700%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Elate%20November%3C%2Fp%3E%0A
WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

UAE currency: the story behind the money in your pockets
BIG SPENDERS

Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.

The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham 0-1 Ajax, Tuesday

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Game is on BeIN Sports

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

'Fantastic Beasts: The Secrets of Dumbledore'

Rating: 3/5

Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

The Specs

Engine 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp (542bhp in GTS model)

Torque: 730Nm

Price: Dh649,000 (Dh549,000 for GTS) 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'Downton Abbey: A New Era'

Director: Simon Curtis

 

Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan

 

Rating: 4/5

 
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

Updated: August 01, 2023, 10:03 AM`