UAE: DIFC marks 20th anniversary with record annual performance
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA), has announced record financial results for 2024.
The milestone coincides with DIFC's 20th anniversary, reinforcing Dubai's position as the region's financial services capital.
The centre now houses 6,920 active companies, a 25 percent increase from 5,523 in 2023. DIFC also recorded 1,823 new registrations in 2024, the highest annual figure to date, reflecting historic 25 percent growth.
DIFC's total revenue for 2024 reached AED1.78 billion (US$484 million), marking the largest annual increase since the centre's inception and a 37 percent rise from its record-breaking performance in 2023. Operating profit surged to AED1.33 billion ($363 million), up 55 percent.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of DIFC, said, "DIFC's exceptional growth over the past 20 years reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to establish the emirate as the region's leading global financial centre. This success further cements Dubai's position as a world-class hub for financial services."
Sheikh Maktoum affirmed that Dubai continues to achieve its ambitious aims of creating an advanced financial ecosystem that meets future requirements.
The technology and innovation sector remained the fastest-growing in DIFC, driven by the launch of the Dubai AI Campus. The sector saw a 38 percent year-on-year increase, reaching 1,245 companies in 2024. Job creation from new and existing businesses expanded DIFC's workforce to 46,078, a 10 percent rise.
In 2024, DIFC continued to lead the market in attracting new financial firms. Key new financial services registrations included Allfunds, ASK Wealth Advisors, Bank of Communications, Bluecrest, Blue Owl, Capricorn Fund Managers, China Taiping Insurance, CMB International Securities, Dymon Asia Capital, Edmond de Rothschild, Eisler Capital (DIFC) Ltd, Gavekal Wealth, Hamilton Lane, Hayfin, Investec Bank, JJJ Capital, Mahindra Insurance Brokers, Nexus Underwriting Limited, North of South Capital, Nuvama Private, Polen Capital Management, Rokstone Underwriting, State Street Global Advisors, Taula Capital, TCW Investments, Tudor Capital, Wellington Asset Management and Ziraat Bank.
Essa Kazim, Governor of DIFC, commented, "Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE's economic landscape, in line with the Dubai Economic Agenda, D33. DIFC's Strategy 2030 continues to position us as the region's top global financial centre and one of the world's leading financial hubs.
"In line with the Dubai leadership's commitment to build strategic relationships with the international business community, DIFC will continue to forge new partnerships to further strengthen our reputation for driving the future of finance."
Arif Amiri, Chief Executive Officer of DIFC Authority, said, "DIFC continues to strengthen its position as the region's leading global financial centre, welcoming organisations and talent that share our vision for shaping the future of finance.
"Looking ahead, we will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai's status as the region's top global financial centre."
DIFC is home to the region's largest cluster of financial services companies. By the end of 2024, this included more than 260 banking and capital markets firms, 410 wealth and asset management companies—including 75 hedge funds—and 125 insurance and reinsurance firms, making it the region's only global hub for the sector. The ecosystem also includes over 70 brokerage firms.
Highlighting the depth of DIFC's financial ecosystem, its client base now includes 27 of the world's 29 global systemically important banks (G-SIBs), eight of the top 10 global asset managers, five of the highest-ranked insurance brokers, and five of the world's 10 largest interdealer brokers by volume.
By the end of 2024, the Dubai Financial Services Authority (DFSA), DIFC's independent regulator, supervised or regulated more than 900 entities operating within the centre.
Dubai serves as a strategic hub for companies seeking access to the region's 40 sovereign wealth funds and is home to the highest concentration of private wealth in any Middle Eastern city.
With significant capital inflows from millionaires, centi-millionaires, billionaires, family offices, and financiers, DIFC continues to experience exponential growth in the wealth and asset management sector. 410 firms have made DIFC their preferred financial hub in the region, reflecting a net increase of 60 firms and a 16 percent year-on-year growth.
DIFC's Alternative Investment industry is expanding at a pace faster than the market, now encompassing 75 hedge funds—48 of which are part of the exclusive 'billion-dollar club.'
The centre has secured its position among the world's top 10 hedge fund hubs and is on track to enter the top five in the coming years.
DIFC announced the launch of a first-of-its-kind Funds Centre in 2024. Set to open in 2025, the facility will provide investment managers with a dedicated space to raise and deploy capital, manage investments, attract talent, and expand their networks.
Since 2004, DIFC has played a key role in supporting family businesses to thrive. In 2024, growing trust in the centre led to exceptional expansion, with the number of family-owned businesses increasing from 600 to over 800—a 33 percent rise.
By the end of 2024, DIFC reported that the top 120 families and high-net-worth individuals in its ecosystem were managing over $1.2 trillion in wealth. The adoption of Foundation structures saw a significant rise, reaching 671—a 51 percent increase.
Emerging technologies and the convergence of AI and FinTech are contributing to the evolution of financial services and other future-focused industries. In 2024, DIFC introduced two signature initiatives under the Dubai Universal Blueprint for Artificial Intelligence. The Dubai AI Campus has already become the region's largest dedicated cluster of AI and Web3 companies.
Following the success of the DIFC Innovation licence, the introduction of the Dubai AI licence captured the attention of the international tech community. More than 120 companies secured the new licence and joined the Campus in the initial six months of operations, substantially exceeding the first-year target of 75 firms.
The first Dubai AI and Web3 Festival took place in October and attracted 6,800 delegates. As a testament to its success, the Festival will become the largest initiative to be included in the inaugural Dubai AI Week in 2025.
The Dubai FinTech Summit, organised by DIFC, returned for its second edition in 2024, further cementing the city's status as a global hub for technology and innovation. Reflecting the sector's strong momentum, the Summit attracted over 8,000 delegates from 100 countries.
As a key initiative under the Dubai Digital Economy Strategy, DIFC launched Ignyte, a platform designed to accelerate the growth of over 100,000 start-ups and entrepreneurs on a global scale.
To provide more certainty to the market, DIFC enacted the world's first Digital Assets Law, to cater to the increasing numbers of companies and individuals using digital currencies.
The Global Financial Centre Index continues to rank Dubai as the region's leading financial centre. The emirate is the only city in the Middle East, Africa and South Asia to be included in the top fifteen positions across multiple categories. Globally, Dubai has risen to sixth for FinTech, 11th for professional services, 12th for reputation, 13th for finance and 14th for infrastructure.
DIFC's Decarbonisation Strategy has set new standards for environmental leadership. The centre has committed to achieve its Net Zero targets by 2045, five years ahead of the UAE's target, by reducing emissions in areas it directly controls relating to its operations, construction activities and supply chains. The Strategy will achieve 'true' Net Zero, without offsetting or trading carbon emissions.
Commercial real estate occupancy remains high across the district, with DIFC-owned and managed properties operating at 99.8 percent occupancy. To meet growing demand, the centre will introduce more than 1.6 million sq. ft. of commercial space with the launches of DIFC Square, Innovation Two, and Immersive Tower by DIFC.
Beyond finance, the centre is also a key cultural hub in the UAE, boasting a resplendent line-up of fine dining restaurants, retailers, and art galleries. Cultural experiences such as DIFC Art Nights and the Sculpture Park create a haven for artists and art enthusiasts. Additionally, Art Dubai, a DIFC investment, continues to be most significant global art gathering in the Middle East.
For over 20 years, DIFC has attracted talent from around the world. The AI, FinTech, and Innovation workforce has grown to 4,243, a 43 percent increase from the previous year, reflecting the rising calibre of professionals entering the ecosystem.
DIFC also stands out for its gender diversity, with 37 percent of its workforce being female, a ratio that surpasses many leading financial centres globally.
Supporting talent through personal and professional development remains a key priority for DIFC. In 2024, 9,156 people graduated from DIFC Academy programmes, bringing the total to 41,456 learners since inception.
Aligned with DIFC's commitment to educating 1 million people on sustainability, the Academy now offers 30 programmes focused on the subject. Reflecting the strong presence of professional services firms, including law firms, participation in DIFC legal programmes rose by 39 percent in 2024, bringing the total number of graduates to 321 since 2019.
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