Latest news with #GlobalFinancialCentresIndex
Scotsman
4 days ago
- Business
- Scotsman
Edinburgh set to hold landmark financial gathering in hope to move up ranks
Edinburgh is set to hold a landmark gathering of global investors and decision makers in hopes that it will cement the city's position as one of the world's top financial centres. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scotland's Global Investment Summit is set to be held in the Scottish capital on October 6 and 7. The showcase is being organised by Scottish Financial Enterprise (SFE) and the City of London Corporation, with support from both the UK and Scottish governments. Advertisement Hide Ad Advertisement Hide Ad Financial services make up around a third of the Edinburgh economy. Thousands of jobs were created in recent years as giants such as Citi, JP Morgan and Blackrock have chosen the city as a base for operations. It is hoped the upcoming investment summit can help generate the momentum required to catapult Edinburgh further up Global Financial Centres Index rankings. Edinburgh is set to hold a landmark gathering of global investors and decision makers this October in hopes to move into world's Top 20 financial centres. Edinburgh was ranked as the 29th most important financial city in the world in the latest Global Financial Centres Index by consultancy Z/Yen. While not in the top 20, the Scottish capital is still ahead of Sydney, Vancouver, Berlin, Madrid, Milan and Mumbai. Advertisement Hide Ad Advertisement Hide Ad Across Scotland, the financial services sector is worth almost £15billion to the economy and supports around 150,000 skilled jobs. SFE has argued that Edinburgh would benefit from action to address a lack of grade A office space, as well as further investment in transport connections. Sandy Begbie CBE FRSE, SFE chief executive, said: 'Edinburgh has a history in banking and financial services dating back more than three centuries and the city is increasingly viewed today by the sector's biggest players as an ideal base for their operations. 'At SFE, we believe the city can build on its enormous strengths to cement a place in the Premier League of financial centres around the world, as we set out in our recent growth strategy. Advertisement Hide Ad Advertisement Hide Ad 'The investment summit in October will provide an ideal launch pad to enhance the city's reputation further, showcasing all Edinburgh and Scotland have to offer while bringing top investors face-to-face with decision-makers to discuss all the opportunities we know they will be eager to hear about. 'As we continue to deliver our sector growth strategy, this can only help unlock substantial investment in key sectors, while creating new jobs and economic growth for Edinburgh and beyond.'
Economic Times
5 days ago
- Business
- Economic Times
House panel on finance pitches for more IFSC-like hubs in India
A parliamentary panel suggests expanding financial innovation zones beyond Gujarat's GIFT City. The committee wants the government to explore new fintech hubs in other major cities. This move aims to boost inclusive growth and attract diverse investors. The panel also emphasizes regular reviews of asset monetisation goals. It highlights the need for transparent tracking to fund new investments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The parliamentary standing committee on finance has urged the government to consider setting up satellite financial innovation zones or fintech clusters in other major cities while maintaining its focus on International Financial Services Centre (IFSC) in Gujarat's GIFT City as the core a report submitted with the Lok Sabha on Monday, the panel under senior BJP leader Bhartruhari Mahtab cited the growing demand for specialised financial services and called for exploring region-specific models for new IFSCs. Such models can draw 'inspiration from GIFT City's success to further integrate India into the global financial services landscape and bolster the nation's journey towards Viksit Bharat'.The panel stressed that while GIFT-IFSC is India's only such centre, China has 10 such hubs. Even other BRICS economies possess multiple financial such hubs would help foster inclusive growth, create talent pools and attract diverse investors, it acknowledged the Gujarat IFSC's improved ranking at 46th of 119 financial centres from its previous rank of 52nd in the Global Financial Centres Index . 'However, the committee believes further measures are essential to elevate GIFT-IFSC to a premier global financial hub, aligning with the vision of Viksit Bharat ,' it its submission with the panel, the finance ministry has said 'all efforts would be made' to meet the FY26 miscellaneous capital receipt target—comprising disinvestment and asset monetisation goals—of Rs 47,000 crore. In FY25, such receipts stood at only Rs 16,731 crore—Rs 6,600 crore from asset monetisation and Rs 10,131 from committee has, in its latest report, prescribed regular reviews of the government's asset monetisation goals in sectors, including road and railways, to ensure that the targets are met. The performance on asset monetisation needs to be 'rigorously and transparently' tracked, it said.'The committee opine that it is essential to stay on course to achieve the vision of asset monetisation as it will contribute to funding new capital investments, improving operational efficiencies and reducing fiscal burdens,' it added.
Gulf Today
28-07-2025
- Business
- Gulf Today
DIFC records best ever performance for H1 2025
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA), today announced its best-ever performance for the first half of a year, reinforcing its pivotal role in driving the future of finance and contributing to the Dubai Economic Agenda D33. In the first six months of 2025, DIFC saw a record number of new firms establishing operations in the centre, bringing the total number of active registered companies to 7,700, up from 6,153 in H1 2024 - a 25 percent year-on-year increase. Additionally, 1,081 new active registered companies joined DIFC between January and June 2025, a 32 per cent increase on the same period in 2024. The number of professionals working in DIFC rose to 47,901, marking a significant 9 per cent increase from 43,787 a year earlier. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of DIFC, said, 'The unprecedented results that DIFC continues to achieve across all fronts are a direct reflection of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai - a vision focused on positioning Dubai at the forefront of the world's most advanced financial centres. Dubai has entered a new and greater phase of growth, and these results highlight the competitiveness, attractiveness, and global confidence it enjoys. We firmly believe the future holds even more opportunities, and we will continue to strengthen DIFC's capabilities and its ecosystems that foster innovation, agility, and business growth.' Driven by DIFC's strategic initiatives and unmatched scale in the region across all sectors, Dubai has been categorised as one of only eight cities globally to possess 'broad and deep' capabilities across all parts of the finance industry in the Global Financial Centres Index (GFCI), standing alongside cities like London, New York, and Paris. Dubai is currently the sole centre in the Middle East, Africa and South Asia to be listed among the top GFCI ranked financial cities globally in several sectors: FinTech (5th), professional services (6th), investment management (8th), infrastructure (9th) and business environment (10th). DIFC continues to advance its position as the region's largest regulated financial services ecosystem. A total of 980 entities are now regulated by the DFSA, the independent regulator for business undertaken from or within DIFC, up 17 per cent year-on-year from 2024. Total Financial services authorisations grew 28 per cent year-on-year, reaching 78 in H1 2025 compared to 61 in H1 2024. DIFC's banking and capital markets cluster is unrivalled in the region, and growth aligns with the demand for broad and deep financial services capabilities to support the region's economic development aspirations. A total of 289 companies operate in this sector, up from 247 a year ago, a substantial 17 per cent growth rate. Dubai is home to the highest concentration of private wealth in any Middle Eastern city, according to Henley & Partners. This has supported growth in DIFC's wealth and asset management cluster, which is the biggest in the region. The number of firms in the sector increased to 440, up from 370 in H1 2024, growing 19 percent year-on-year. The centre is now home to more than 85 hedge funds, soaring 72 percent over the last 12 months and includes 69 billion-dollar funds. Over 10,000 funds are being managed or marketed from DIFC. DIFC's approach to supporting family businesses, including providing access to alternative investments through its wealth and asset management clients, and structures to support growth, continues to ensure the centre is their preferred location. The number of entities associated with family businesses operating in DIFC has risen to 1,035, up from 600 a year ago, marking a 73 percent increase. The number of foundations in DIFC has accelerated to 842, up from 548 in H1 2024, a 54per cent year-on-year increase. The insurance and reinsurance sector also experienced robust growth, with 135 related firms now operating in the ecosystem, increasing 8percent from 125 in H1 2024. During the first half of 2025, it was announced that Gross written premiums reached US$3.5 billion for 2024, compared to US$2.6 billion a year earlier – a significant 35 percent increase. New entrants to DIFC's expanding client base during H1 2025 include ABK Capital, Avaloq, Baron Capital, Bluecrest Capital, Bridge Investment Group, Cambridge Associates, China International Capital Corporation, dLocal, Manulife, National Bank of Kuwait, Pearl Diver Capital, PIMCO, RV Capital, Silver Point Capital, Tourmaline, TransAmerica Life Bermuda, Welwing Capital Management and many others. Essa Kazim, Governor of DIFC, said, 'DIFC remains the driving force behind Dubai's economic growth, as a key enabler of the financial services sector's expansion and diversification. Our consistent performance across all key sectors and rising global standing are evidence of our commitment to supporting innovation, attracting global capital, and reinforcing Dubai's status as one of the world's most competitive and diversified economies.' Arif Amiri, Chief Executive Officer of DIFC Authority, commented, 'In H1 2025, DIFC has exceeded expectations across every metric. Our strong performance demonstrates the power of our ecosystem, the scale of our platform, and the depth of expertise we bring to the industry. We remain committed to transforming the future of finance from Dubai and advancing our position as the region's number one global financial centre.' DIFC's innovation ecosystem continued to attract a growing number of technology-led firms. The number of FinTech and Innovation companies reached 1,388, up from 1,081 in H1 2024 a surge of 28 per cent, securing Dubai's position a one of the world's top five hubs for FinTech in the latest Global Financial Centres Index. During H1 2025, this contributed to an overall 28 per cent growth in total active non-financial entities, increasing to 6,335, up from 4,935 a year earlier. The centre's flagship events, the Dubai AI Festival and Dubai FinTech Summit, collectively attracted over 20,000 participants from over 120 countries. During these events and in support of DIFC's innovation agenda, the Dubai AI Academy was launched, and Dubai Future Finance Week was announced. Being held in May 2026, the week will bring together six major events, including the FinTech Summit, Future Sustainability Forum, and the Dubai Future District Fund AGM. Having launched Ignyte at the end of 2024, a growth platform targeting 100,000 founders, start-ups, and investor subscribers, has already redeemed benefits exceeding Dhs182 million. This reflects Ignyte's real economic benefit and demonstrates how the platform is an enabler for growth. Supporting the objectives of Dubai's Education Strategy 2033 and the Dubai Economic Agenda D33, the DIFC Academy has become a preferred choice for world-class universities. Amongst DIFC's partners, renowned universities including American University of Cairo, ESCP Business School, ESSEC Business School, Georgetown University, London Business School, Pantheon Assas University and SKEMA Business School offer 12 masters degree programmes. Through 32 active partners, 46,103 learners have completed programmes at the DIFC Academy since inception, including 4,947 during H1 2025 – the highest ever number in a six-month period. To drive long-term impact, DIFC has launched the '1 Million Learners' initiative with the support of 30 founding partners, under the Sustainable Finance Catalyst, which aims to equip one million individuals with sustainability knowledge by 2030. The initiative builds on the demand for sustainability-related training at the DIFC Academy, which has delivered 6,075 hours of related learning in H1 2025, taking the total programming to 22,241 hours from 42 courses. DIFC's legal and regulatory frameworks continued to evolve to keep pace with global developments. DIFC's legal framework features bespoke, best-in-class legislation, developed from leading international sources and standards to most effectively meet the needs of an international financial centre. This is complemented by a robust system of DIFC common law, with its substantial body of developed jurisprudence. This combination delivers an optimal balance of legal certainty, commercial flexibility, and judicial sophistication, positioning DIFC as the jurisdiction of choice for businesses across the region and globally. During H1 2025, the centre proposed to enact new Variable Capital Company Regulations. The proposed regulations seek to significantly enhance investment structuring and asset management options for proprietary investment in DIFC. Additionally, legal updates were proposed through the DIFC Laws Amendment Law, including refinements to the Law of Security, Insolvency Law and Employment Law, ensuring alignment with international standards. In a milestone achievement underscoring Dubai's growing influence in global governance, DIFC was selected to host the upcoming Global Privacy Assembly 2026, the premier global forum for data protection and privacy authorities. DIFC's real estate portfolio continues to support Dubai's urban development ambitions. Inventory that was provided to the market for the recently launched DIFC Heights, sold out in three days, underscoring strong demand for premium living in the financial district. Over 1.6 million square feet of commercial space is currently under development, and construction is being accelerated to meet demand. The new space will be ready for occupancy starting from Q1 next year. DIFC also launched a new data platform enabling third-party access to real estate information, aligning with the Dubai Real Estate Strategy 2033. WAM
Hi Dubai
28-07-2025
- Business
- Hi Dubai
DIFC Achieves Record H1 2025 Performance, Strengthens Role as Global Financial Hub
Dubai International Financial Centre (DIFC) has recorded its best-ever half-year performance in H1 2025, marking a significant milestone in its mission to shape the future of finance and contribute to the Dubai Economic Agenda D33. A total of 1,081 new companies joined the Centre, bringing the number of active registered firms to 7,700, a 25% increase from the same period in 2024. The workforce within DIFC also grew by 9% to reach 47,901 professionals. DIFC continues to solidify its global standing, with Dubai ranked among the top global financial cities across key sectors like FinTech (5th), professional services (6th), and investment management (8th), according to the Global Financial Centres Index. The Centre is home to 980 DFSA-regulated entities, 289 banking and capital market firms, and 440 wealth and asset management firms, including 85 hedge funds and 69 billion-dollar funds. The number of family business-linked entities grew by 73%, while the foundations sector expanded by 54%. Insurance and reinsurance firms in DIFC reached 135, with gross written premiums for 2024 hitting USD 3.5 billion, up 35% year-on-year. DIFC also leads in FinTech and innovation, hosting 1,388 firms in this space — a 28% annual rise. The Ignyte platform, launched in late 2024, has already delivered AED 182 million in benefits, while flagship events like the Dubai AI Festival and FinTech Summit attracted over 20,000 participants. In education, the DIFC Academy enrolled a record 4,947 learners in H1 2025 and launched the '1 Million Learners' initiative targeting widespread sustainability knowledge. Its legal and regulatory frameworks evolved further with proposed updates on investment structures and global best practices, and DIFC will host the Global Privacy Assembly 2026. On the real estate front, DIFC Heights sold out in three days, and 1.6 million sq. ft. of commercial space is under development to meet growing demand. These achievements affirm DIFC's role in driving Dubai's competitiveness, innovation, and global appeal as a leading financial centre. News Source: Dubai Media Office
Korea Herald
28-07-2025
- Business
- Korea Herald
DIFC's H1 2025 results fuel Dubai's economic vision (D33) and demonstrate global leadership in financial services and innovation
DUBAI, UAE, July 28, 2025 /PRNewswire/ -- Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA), announced its best-ever performance for the first half of a year, reinforcing its contribution in driving the future of finance and the Dubai Economic Agenda (D33). DIFC saw a record 1,081 new active registered companies join the Centre during the first six months of 2025 bringing the total number of active registered companies to 7,700. 47,901 professionals now work in DIFC. Total Financial services authorisations grew 28 per cent year-on-year - 78 in H1 2025 compared to 61 in H1 2024. DIFC's banking and capital markets cluster consists of 289 companies, up from 247 a year ago. The number of firms in the wealth and asset management sector increased to 440, up from 370 in H1 2024, growing 19 per cent year-on-year, with 85 hedge funds, including 69 billion-dollar funds. Over 10,000 funds are being managed or marketed from DIFC. Additionally, 1,035 entities associated with family businesses now operate from the Centre, up from 600 a year ago. The number of foundations in DIFC have accelerated to 842, up from 548 in H1 2024. 135 insurance-related firms operate from DIFC. Gross Written Premiums advanced to USD 3.5bn for 2024, compared to USD 2.6bn a year earlier. The number of FinTech and Innovation companies reached 1,388, up from 1,081 in H1 2024 a surge of 28 per cent. Total active non-financial entities increased to 6,335, up from 4,935 a year earlier. H.E. Essa Kazim, Governor of DIFC said: "DIFC remains the driving force behind Dubai's economic growth, as a key enabler of the financial services sector's expansion and diversification. Our consistent performance across all sectors and rising global standing strengthen our commitment to supporting innovation, attracting global capital, and reinforcing Dubai's status as one of the world's most competitive and diversified economies." Dubai is one of eight cities globally to possess 'broad and deep' capabilities across all parts of the finance industry in the Global Financial Centres Index, alongside London, New York, and Paris. Over 1.6mn sq. ft. of commercial space is currently under development and construction being accelerated to meet demand. The new space will be ready for occupancy starting from Q1 2026.
