The Dubai International Financial Centre (DIFC) said new company registrations surged by 34 per cent in 2023, bringing the number of active companies in the financial centre to 5,523.

DIFC said 1,451 new companies commenced operations in the financial hub last year, the highest number of new registrations since the founding of the centre two decades ago.

DIFC notches profit

The financial hub’s operating profit reached Dhs859mn in 2023, up 27 per cent, while its combined revenue jumped 23 per cent to reach Dhs1.3bn after a sharp increase in newly registered companies. Its total assets rose 18 per cent to 18bn.

“DIFC’s 2023 performance reflects the centre’s standing as the leading global financial hub in the region, central to Dubai’s Economic Agenda (D33),” said Essa Kazim, governor of DIFC.

“Reflecting DIFC’s position as the primary choice for financial services related companies and innovation firms over the last 20 years, the results catapulted DIFC towards its Strategy 2030 targets which include doubling its contribution to Dubai GDP.”

Dubai has emerged as a favoured destination for both new and established fintech firms alike. It also offers a fertile ground for high-net-worth individuals and institutional investors for fund managers making the move.

The DIFC said fintech and innovation remain the fastest growing sector, with the number of registered companies increasing by 31 per cent year-on-year to 902.

The number of firms registered and licenced by the Dubai Financial Services Authority (DFSA) increased by 117 to 791 – the largest cluster of financial firms in the Middle East, Africa, and Southern Asia region. This includes 50 firms with hedge fund activities, more than 350 wealth and asset managers, over 200 banks, and more than 100 insurance companies.