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Gulf Today
29-03-2025
- Business
- Gulf Today
Dubai International Financial Centre key to Dubai's economy
Staff Reporter, Gulf Today Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA), has recorded strong financial results for 2024, reinforcing Dubai's position as the region's financial services capital. The centre now houses 6,920 active companies, a 25 per cent increase from 5,523 in 2023. DIFC also recorded 1,823 new registrations in 2024, the highest annual figure to date, reflecting historic 25 per cent growth. DIFC's total revenue for 2024 reached Dhs1.78 billion (US$484 million), marking the largest annual increase since the centre's inception and a 37 per cent rise from its record-breaking performance in 2023. Operating profit surged to Dhs1.33 billion ($363 million), up 55 per cent. Regional wealth is no longer defined by borders. As clients become more globally connected, the expectations they place on financial institutions are also changing. Longevity, portability, and regulatory transparency are taking precedence over products alone. For firms with deep regional roots, this shift calls for a recalibration, not just in what they offer, but in how and where they operate. The DIFC, regulated by the Dubai Financial Services Authority (DFSA), has emerged as a crucial platform for firms navigating these demands. Its framework enables cross-border advisory models that are both compliant and scalable — qualities that increasingly define trust in the financial space. The Continental Group, a financial services provider with three decades of experience in the Middle East, is one such firm adapting to this shift through its DFSA-licensed entity, CFS DIFC Limited. Continental Group is marking its 30th year of operations - a period in which the firm has grown across five countries with over 250 professionals. While the DIFC license reflects the next step in the firm's regulatory evolution, the anniversary serves as a moment to reflect on its roots. with a larger milestone. 'Continental Group's legacy is a story of thousands of families safeguarded, aspirations turned into reality, and three decades of trust garnered in the Middle East,' said Ashok Sardana, Founder and Managing Director. 'Since 1994, our mission has been to provide not just financial solutions, but peace of mind and long-term stability for families and businesses. That principle will continue to guide us as we move into the next phase of Continental's growth.'. The firm's recent performance reflects this transition. In 2024, Continental reported a 26% increase in premiums, reaching $124 million. Its total active life coverage rose to $6.9 billion, and $7.4 million was paid out in claims across its motor, non-motor, and life insurance portfolios. Much of this growth has been enabled by the operational clarity and business infrastructure DIFC offers. With access to a mature legal system, independent regulation under the DFSA, and proximity to global financial institutions, Continental has been able to enhance its advisory capabilities in a jurisdiction designed for financial planning. For firms looking to future-proof their services, DIFC's platform offers both credibility and scalability. These figures suggest not only business growth but a rising awareness among clients of the value of financial preparedness. The firm is now doubling down on that opportunity. It plans to expand its advisory team by 20% and invest further in digital infrastructure - including automation, cybersecurity, and portfolio insights tools - as part of its next growth phase. 'This 30th anniversary celebrates the relationships we've built and lives we've touched. Our commitment goes beyond just offering solutions. We have been building a framework that ensures financial security across generations. As we move forward, transparency, and a client-first approach will remain at the core of everything we do,' said Akshay Sardana, SEO, Executive Director, CFS DIFC Limited. Continental's presence in DIFC may mark a milestone in its operational evolution, but more broadly, it points to a regional realignment. Long-standing firms are reassessing how to deliver enduring value where regulatory trust, digital agility, and advisory depth matter as much as products. In that shift, DIFC is becoming less of a destination and more of a foundation for firms looking to build for the long haul. Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies.
Gulf Today
18-02-2025
- Business
- Gulf Today
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 per cent increase from 5,523 in 2023. DIFC also recorded 1,823 new registrations in 2024, the highest annual figure to date, reflecting historic 25 per cent growth. DIFC's total revenue for 2024 reached Dhs1.78 billion (US$484 million), marking the largest annual increase since the centre's inception and a 37 per cent rise from its record-breaking performance in 2023. Operating profit surged to Dhs1.33 billion ($363 million), up 55 per cent. 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 per cent 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 per cent 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.
