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'GLOBAL FINANCIAL HUB'

DIFC reaches 1,000-company milestone

Dubai, October 6, 2013

Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the markets of Europe, Asia and the Americas, said more than 1000 companies have begun operations from the centre.

As per DIFC Authority’s operating figures for the first half, the DIFC recorded 979 companies with a combined workforce of over 15,000 at the end of June.  The growth in the number of companies added in the third quarter stands at 3 per cent.

The centre, which serves as the ideal business platform, supported by an internationally-renowned and proven regulatory and legislative framework, has significantly impacted the UAE and wider Middle East, Africa and South Asia region’s economic growth and development since its establishment in 2004.  

The accessibility provided by Dubai’s airports and infrastructure, combined with the liveability and cosmopolitan culture of the Emirate, has bolstered DIFC’s proposition, attracting 21 of the world’s top 25 banks, 11 of the top 20 money managers, 6 of the world’s 10 largest insurers, and 6 out of 10 top law firms to the centre.

Commenting on the milestone, chairman AbdulAziz Al Ghurair said: "Over the last decade, we have achieved various goals; we have built more than just a successful financial centre, we have established a global hub for companies to access the MEA and South Asia."

"By providing a physical infrastructure that effectively facilitates business and by leveraging the benefits that Dubai’s geographical positioning and accessibility offers, we have attracted some of the leading names in the financial world to the Centre," he noted.  

“As we enter into our tenth year in 2014, we continue to gather scale and critical mass. Crossing the thousand company mark is a fantastic achievement for us and we certainly look forward to accomplish many more similar milestones in the next phase of our development,” added
Al Ghurair.

In his comments, CEO Jeffrey Singer said: "The DIFC community lies at the heart of the Centre’s strategy and offering – the combination of reputable financial and professional services firms, as well as internationally-acclaimed retail outlets, are as much an essential component of who we are as our proven regulatory and legal system."

“We have created one of the best working environments in the world, bringing together professionals from the East and West and facilitating international partnerships. The diverse mix of companies from various sectors and representing a number of geographical markets has positioned DIFC as a truly global financial ecosystem,” he added.

DIFC’s portfolio of active regulated companies, which now stands at 365, includes 311 authorised firms, 52 ancillary service providers, such as accountancy, legal and consulting firms, and two authorised market institutions, Nasdaq Dubai and Dubai Mercantile Exchange.-TradeArabia News Service




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