DIFC Shatters Revenue And Occupation Records In 20th Year Of Operation

The leading global financial centre in the Middle East, Africa and South Asia (MEASA) region bolstered Dubai’s position as the region’s financial services capital, as the number of active companies increased to 6,920, up from 5,523 in 2023. It attracted 1,823 new registrations, which is the highest-ever number recorded in a year, also up 25 per cent from last year.

Combined revenues reached AED 1.78 billion ($484 million), and the 37 per cent jump over 2023 was the biggest leap since its inception. Operating profit was up 55 per cent to AED 1.33 billion ($363 million).

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of DIFC, commented: “Such exceptional growth over a span of 20 years reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of transforming the Emirate into the region’s leading global financial centre, and solidifies Dubai’s position as a world-leading capital for financial services.”

Technology and innovation remains the fastest-growing sector, surging 38 per cent year-on-year to 1,245 companies. Job creation from new and existing companies resulted in a total workforce of 46,078, up 10 per cent.

Among the many companies that registered with DIFC in 2024, some of the prominent names were Allfunds, ASK Wealth Advisors, Capricorn Fund Managers, China Taiping Insurance, CMB International Securities, Edmond de Rothschild, Investec Bank, Mahindra Insurance Brokers, Nexus Underwriting Limited, Nuvama Private, TCW Investments and Wellington Asset Management.

Arif Amiri, Chief Executive Officer of DIFC Authority, added: “DIFC continues to fortify its position as the region’s number one global financial centre, having welcomed organisations and talent who share our vision to drive the future of finance.

“As we look ahead, we will continue collaborating with our clients and industry, develop infrastructure, evolve laws and regulations, and nurture innovation to ensure we continue enhancing Dubai’s reputation as the region’s number one global financial centre.”

DIFC’s financial ecosystem

DIFC is now home to the region’s largest cluster of financial services companies. At the end of 2024, this included more than 260 banking and capital markets companies; 410 wealth and asset management firms including 75 hedge funds; and 125 insurance and reinsurance-related companies. Over 70 brokerage companies are also part of the ecosystem.

The financial centre’s clients now include 27 of the world’s 29 global systemically important banks (G-SIBs), eight of the 10 pre-eminent global money managers, five of the highest-ranked insurance brokers, and five of the top 10 interdealer brokers by volume.

DIFC also has the highest concentration of private wealth in any Middle Eastern city. Coupled with the large inflows of wealth from millionaires, centi-millionaires, billionaires, family offices and financiers, DIFC continues to experience exponential growth in the wealth and asset management sector, with 410 firms having made it their preferred financial hub in the region, a net increase of 60 firms from 2023.

DIFC is now one of the world’s top ten locations for hedge funds with 75 hedge funds operating from the Centre, 48 of which are ‘billion-dollar club’ organisations.

More than 800 family-owned businesses are located in DIFC, up from 600, representing a 33 per cent increase. Towards the end of 2024, DIFC reported that the leading 120 families and wealthy individuals in the community are managing more than $1.2 trillion of wealth.

Commercial real estate occupancy remains high across the district. DIFC-owned and managed properties have been operating at 99.8 per cent occupancy.

The gender diversity ratio within the DIFC workforce is 37 per cent of which is female.