Dubai International Financial Centre (DIFC) reported record financial results for 2024 as it marked 20 years since its establishment.
The Centre now houses 6,920 active companies, a 25% increase from 5,523 in 2023. It registered 1,823 new firms, the highest ever in a year. Revenue for 2024 reached AED 1.78bn (US$484 m), up 37% from the previous year, while operating profit rose 55% to AED 1.33bn (US$ 363 m).
DIFC saw continued growth in financial services, technology, and private wealth sectors. The number of technology and innovation firms rose 38% to 1,245.
The workforce expanded by 10% to 46,078.
New financial services firms included Allfunds, ASK Wealth Advisors, Bank of Communications, Blue Owl, China Taiping Insurance, Edmond de Rothschild, Eisler Capital, Investec Bank, Mahindra Insurance Brokers, State Street Global Advisors, Tudor Capital, and Wellington Asset Management.
Essa Kazim, Governor of DIFC, said the Centre had played a key role in Dubai’s economic transformation and would continue to strengthen its position as a leading global financial hub. DIFC CEO Arif Amiri said:
“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.”
At the end of 2024, DIFC housed more than 260 banking and capital markets companies, 410 wealth and asset management firms, and 125 insurance and reinsurance companies.
It was home to 27 of the world’s 29 global systemically important banks and eight of the 10 leading global money managers. The Dubai Financial Services Authority (DFSA) supervised over 900 entities.
DIFC continued to see inflows of private wealth, with more than 800 family-owned businesses, up 33% from 600.
The top 120 families and individuals in the Centre manage over US$ 1.2 trillion in assets.
The number of Foundation structures rose by 51% to 671. The hedge fund sector expanded to 75 firms, 48 of which manage over US$ 1 billion.
Emerging technologies and artificial intelligence remained a focus, with the Dubai AI Campus becoming the region’s largest AI and Web3 hub.
The introduction of the Dubai AI licence attracted over 120 companies in six months, surpassing initial targets.
The first Dubai AI and Web3 Festival drew 6,800 delegates and will be incorporated into Dubai AI Week in 2025.
The Dubai FinTech Summit hosted over 8,000 delegates. DIFC also launched Ignyte, a platform aimed at accelerating 100,000 start-ups and entrepreneurs globally.
It enacted the world’s first Digital Assets Law to regulate digital currencies.
DIFC has also grown as a cultural hub, hosting events such as Art Dubai, DIFC Art Nights, and the Sculpture Park.
Featured image credit: edited from freepik
