The total of registered firms in the Dubai International Financial Centre (DIFC) reached 2,437 by the end of 2019 after the centre welcomed 493 new companies, up 14% from 2018, with a total of 32% growth since 2017.
The DIFC, which attracted a record-breaking 493 new businesses in 2019, now counts 17 of the world's top 20 banks, 8 of the 10 leading global law firms, 3 of the top 5 insurance companies and 6 of the top 10 asset managers among its clients.
The centre is home to 737 active financial firms from across the globe, an 18% rise from 2018 and a 64% jump in the last five years.
Both the DIFC’s expansion and its ability to reinforce its status as a hub for the world’s largest financial institutions are all the more exceptional considering the current stagnant growth in the global financial industry"
"We have passed six years into our [10-year] strategy. All our KPIs are on track and some of them are even exceeding … what has been set [as target] in 2014," DIFC governor Essa Kazim said, adding that the number of companies has doubled in the last six years from its 2014 level.
The DIFC contributed to the creation of 2,034 new jobs, increasing the combined workforce to more than 25,600 professionals, up 9% vs 2018, representing more than 140 nationalities.
Sheikh Mohammed Al Maktoum, deputy Ruler of Dubai and president of the DIFC, said: "This growth reflects the Center's significant direct contribution to Dubai's economy."
"Both the DIFC's expansion and its ability to reinforce its status as a hub for the world's largest financial institutions are all the more exceptional considering the current stagnant growth in the global financial industry," he added.
AntFinancial's payment firm WorldFirst, Malaysia's Maybank, US financial services firm Cantor Fitzgerald and Mauritius Commercial Bank were among the companies that set up shop in Dubai's financial hub in 2019.
In 2019, total banking assets booked in DIFC stood at $178bn, up by 13% from 2018. DIFC's total wealth and asset management industry is worth $424bn, of which $99bn was invested by DIFC portfolio managers. Gross Written Premiums for the insurance sector reached nearly $2bn in 2019, representing a growth of 17.4% versus 2018.