Dubai International Financial Centre attracted a record number of companies in 2023, leading to a 45 per cent annual jump in its net profit for the year.
Total profit for the 12 months to the end of December climbed to $203 million, the financial centre said on Thursday.
Revenue for the period grew 23 per cent year-on-year to $352 million, with the total number of new company registrations surging 34 per cent to reach 1,451.
There are currently 5,523 active companies operating at DIFC, up 26 per cent annually, employing more than 41,500 people.
The number of financial companies in the centre during the year grew 22 per cent to reach 1,674, while non-financial companies rose 28 per cent to 3,849.
DIFC also that it is ahead of schedule to achieve its target of doubling its gross domestic product contribution by 2030.
“We aim to achieve the objectives outlined in Dubai's Economic Agenda (D33), positioning Dubai among the top four global financial centres,” Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and Deputy Prime Minister for Finance and Economic Affairs, said on social media platform X.
“Our aspirations are just beginning. In the coming years, there will be plans for expansion and development of policies and legislation to align with future economies.”
Launched in January, D33 aims to double the size of Dubai’s economy, with a target of reaching Dh32 trillion by 2033.
D33 also aims to make Dubai a global digital economy leader, the fastest growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator and enabler of talented citizens.
Last year, 316 FinTech companies established a presence at DIFC, taking their total to 902. The centre also has 350 wealth and asset management firms.
While 36 per cent of the new companies that set up a base in DIFC came from developed economies, including Europe, the UK and the US, 52 per cent came from emerging markets in the Middle East, Africa and South Asia, and those remaining are from other economies, according to officials.
“DIFC has been serving as a growth engine for the economy, but also it has been a growth platform for thousands of companies that had taken the DIFC as their address to grow, expand and tap around roughly $12 trillion of GDP [gross domestic product] in the region, a market that consists of the subcontinent, Middle East and Africa with a population of about three billion people,” Essa Kazim, governor of DIFC, told a media briefing.
DIFC expects to continue to attract companies this year despite concerns about the slowdown of the global economy, geopolitical tensions and increased competition from Saudi Arabia. The kingdom, as part of its economic diversification plan, is also seeking to attract more international companies to set up their operations in Riyadh.
The number of companies that have set up their operations at DIFC so far this year has “exceeded the targets” for the same period last year, Mr Kazim said.
The region will continue to attract more companies from all over the world.
“If you look at Europe, US … there are challenges there, they are still fighting inflation, monetary policy has been restrictive. This region, with [the] oil price being still around $80 [per barrel], which is roughly about the break-even level of the budgets of the governments in the region … it is promising.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
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- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- 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.
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
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Palestine and Israel - live updates
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UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
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Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Rating: 1/5