Dubai International Financial Centre (DIFC) has reported its best annual performance to date, recording its highest ever annual revenue and operating profit besides the highest ever company registrations.
DIFC said it achieved its 2024 Strategy growth targets three years ahead of schedule during the first half of 2021.
The Centre recorded 996 company registrations last year, the highest ever recorded in a single year for the Centre, a 36 per cent increase from 2020. The growth in company numbers is more than triple the average number across the last decade.
The total number of active registered firms operating in DIFC increased by 25 per cent to 3,644 entities from 2,919 in 2020. A total of 1,124 financial and innovation related entities are now active and operating within DIFC, increasing by 23 per cent, versus 915 in 2020.
Revenue increased by 16 per cent to AED897 million year-on-year versus AED774 million in 2020, and up by 7 per cent from AED838 million in 2019 (pre-pandemic levels).
The increase in revenue and cost control measures resulted in an increase in operating profit from AED 457 million in 2020 to AED573 million in 2021, an increase of 26 per cent and up by 13 per cent compared to AED510 million in 2019.
For the first time, total assets crossed AED14.80 billion ($4 billion), which reflects the strong financial position of DIFC.
DIFC continued to benefit from strong appetite for its A-class, centrally located premises. In the past year, an additional 350,000 sq. ft. of commercial space was leased across DIFC versus 201,900 sq. ft. in 2020, up by 73 per cent, the Centre said.
Total banking assets booked in DIFC increased to $198.5 billion from $189.4 billion in 2020, up by 5 per cent. This represents about 20 per cent of consolidated UAE financial sector banking assets.
An additional $108.1 billion of lending was also arranged by DIFC firms, up from $64 billion in 2020, an increase of 69 per cent. DIFC based Wealth and Asset Management portfolio managers invested $151.4 billion in 2021 compared to $145.6 billion in 2020, up by 4 per cent. Gross Written Premiums for the insurance sector reached $1.8 billion, rising from $1.7 billion in 2020, an increase of 8 per cent.
Amongst its 3,644 entities, DIFC is home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers and many leading global law and consulting firms.
Employment grew by 11 per cent to 29,700, with a net increase of around 3,000 employees, indicating the highest net growth in over a decade. These jobs represent a high-skilled workforce, across 150 nationalities who have the highest contribution to GDP per person across all economic sectors in Dubai.