Combined revenues exceed USD272 mn for the first time
DUBAI, UAE, Feb. 21, 2023 /PRNewswire/ — Dubai International Financial Centre (DIFC), the Middle East, Africa and South Asia region’s leading global financial centre, continued to grow at record-breaking pace in 2022.
The total number of active registered companies in DIFC grew to 4,377 in 2022, up 20% from 3,644 in 2021. During 2022, 1,084 new companies registered in DIFC, surpassing 1,000 for the first time in history.
DIFC recorded stellar financial performance and combined revenue exceeded USD272 mn for the first time since inception in 2022. DIFC recorded revenue growth of 18% to USD288mn versus USD244 mn in 2021. The increase in revenue, along with operational efficiency resulted in increased operating profit. Operating profit for 2022 reached USD184 mn, an increase of 19% versus USD156 mn in 2021. Total assets crossed USD4.16 bn, reflecting the strong financial position of DIFC.
Total banking assets booked in DIFC were stable at USD199 bn. As a global hub for emerging market Wealth and Asset Management, DIFC portfolio managers invested USD164 bn in 2022 compared to a reported USD151 bn in 2021. Venture Capital raised increased to USD1.2 bn, up by 78%.
Amongst its 4,377 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.
FinTech and Innovation became the fastest growing sector in DIFC with 291 new clients. 686 technology and innovation firms, ranging from start-ups to global unicorns, are now based in DIFC.
A total of 1,369 financial and innovation related entities are now active and operating within DIFC, increasing by 22%, in 2022. 291 new FinTech and innovation firms joined in 2022 representing a 36% increase and taking the total to 686.
His Excellency Essa Kazim, DIFC Governor, commented: “Dubai’s economy continues to grow and DIFC is proud to be a noteworthy contributor to the emirate’s GDP and a key creator of employment. Our focus in 2023 will be to accelerate the future economy by building upon our already strong position as a preferred gateway for businesses looking to expand into and grow within the massive MEASA market and attracting more investment into the UAE’s strong financial sector.”