DIFC new company registrations rise 59% in first half of 2021

Financial free zone says it has achieved its 2024 Strategy targets three years ahead of schedule

The DIFC is ranked as the biggest financial centre in the Middle East and Africa and the 19th-biggest worldwide. Pawan Singh / The National

New company registrations at Dubai International Financial Centre rose 59 per cent annually in the first half of this year.

About 492 new companies joined during the period, taking the total number of active registered companies in the financial free zone to 3,292 in the January-June period, the Dubai government media office said on Tuesday.

The record growth in membership allowed DIFC to achieve the targets set in its "2024 Strategy", which sought to triple its size from 2014 levels, three years ahead of schedule.

“The announcement of the H1 2021 results coincides with the launch of 50 new initiatives and projects in the UAE based on the ‘Principles of the 50’ document, which is set to serve as a strategic road map for the country's new era of political, economic and social development,” Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and president of DIFC, said.

“These ambitious steps taken by the UAE will pave the way for continued growth within various vital sectors, including the financial sector - further accelerating Dubai’s reputation as a leading global financial centre and raising the trust of our stakeholders and partners.”

DIFC’s ability to maintain a high momentum of growth despite the global repercussions of the pandemic reflects the centre’s high levels of preparedness and commitment to realise the Dubai’s vision for the future of the financial sector, he said.

The DIFC is the biggest financial centre in the Middle East and Africa and the 19th-biggest worldwide, according to the Global Financial Centres Index ranking published in March.

“Our continued growth … reflects the success of our forward-thinking approach to focus on driving both the future of finance and technology and innovation more broadly, enabling DIFC to attract pioneering start-ups and best-in-class global institutions alike,” DIFC’s governor Essa Kazim said.

In May, DIFC also teamed up with the Mena FinTech Association to develop an innovation forum and other initiatives to advance the financial technology sector in the region.