DIFC adds 820 more companies in first half with assets under management hitting $700bn

The financial centre is on track to add nearly 149,000 square metres of commercial space to cater to growing demand

A total of 4,647 new jobs were created at the DIFC in the year to June, increasing its total workforce by 12 per cent to 43,787. Chris Whiteoak / The National

The Dubai International Financial Centre added 820 companies in the first half of the year, with the total assets under management in financial district rising to more than $700 billion amid continuing expansion plans.

AUMs jumped 58 per cent from $444 billion, as total registered companies climbed 24 per cent annually to 6,153, the DIFC said on Tuesday.

Companies operating in the financial technology and innovation sectors, key industries the DIFC is targeting, rose by a third year-on-year to 1,081.

The centre also said 4,647 new jobs were created in the year to June 2024, increasing its total workforce by 12 per cent to 43,787, it said.

The DIFC “has not only shaped Dubai's reputation as a major global financial centre but also contributed to the UAE’s sustainable growth and the economic development of the region”, Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and president of the DIFC, said.

“By fostering a robust financial ecosystem, attracting top-tier talent and institutions and establishing strong networks of global co-operation, the DIFC has opened new growth avenues, positioning Dubai as a key focal point for international finance and commerce.”

The figures indicate sustained momentum for the DIFC, which attracted a record number of companies in 2023, leading to a 45 per cent annual jump in its net profit for the year.

The DIFC, which marked its 20th anniversary in June, was also ranked as the top free zone for greenfield foreign direct investment projects for 2023, by industry tracker fDI Intelligence.

The centre recorded $481 million in greenfield FDI across 116 projects, marking a 53 per cent jump since 2021.

More than 370 wealth and asset management firms, including more than 50 pure play hedge funds are now based in the DIFC, originating primarily from the GCC, Europe, UK and the US.

Some firms that recently joined the centre include AllianceBernstein, Baring Asset Management, Blue Owl Capital, Revolut, State Street Global Advisors and Theia Investments.

In addition, more than 600 active entities are affiliated with family businesses in the DIFC, including more than 120 of the world’s wealthiest families and individuals with a total net worth exceeding $1.2 trillion, the DIFC said.

“Over the coming years, we seek to further enhance DIFC’s industry ecosystem to meet the evolving needs of the global economy and enable businesses, entrepreneurs and investors to tap promising new opportunities,” Sheikh Maktoum said.

The centre's initiatives are aligned with the Dubai Economic Agenda, the strategy known as D33 that aims to double the size of its economy to Dh32 trillion ($8.7 trillion) over the next decade and establish the emirate among the top three global cities.

Dubai’s economy grew by 3.2 per cent annually in the first quarter of 2024, with Dh115 billion added to the emirate’s gross domestic product during the period, driven by the expansion of the transport and storage sector, as well as the financial and insurance industry, government data showed last week.

The DIFC has also unveiled plans to grow its commercial space by 148,645 square metres to cater to the growing demand for its real estate.

In 2022, it announced the mixed-use project DIFC Living and Innovation Two, which includes more than 170 residential units and nearly 19,000 square feet of commercial space. It is scheduled for handover in the third quarter of 2026.

Earlier this year, the DIFC Innovation One tower was opened, adding about 18,580 square metres to the financial centre.

In May, DIFC broke ground on the Immersive Tower, which will add about 58,500 square metres by the second quarter of 2027.

The centre also started work last month on DIFC Square, which will add 56,400 square metres and is scheduled for handover in the first quarter of 2026.