Dubai strengthens its position as a leading global financial center in the Middle East, Africa and South Asia region

The Dubai International Financial Center continues to consolidate Dubai’s position as a leading global financial destination in the Middle East, Africa and South Asia region, as the number of active registered companies in the center has exceeded 8,000 companies, including more than 1,000 institutions regulated by the Dubai Financial Services Authority. The independent regulator of financial services conducted in or from the Dubai International Financial Centre.

The city also recorded progress on the global financial centers index, rising to 11th place in the world, in a step that strengthens its leading position as the most credible and reliable financial centers in the region, and one of the four most prominent financial technology centers in the world. The total value of cases dealt with by the DIFC Courts since the beginning of the year has reached more than 17.5 billion dirhams.

These achievements announced today reflect Dubai’s transformation into a global center for financial services, and confirm its significant contribution to achieving the goals of the Dubai Economic Agenda (D33).

On this occasion, Issa Kazim, Governor of the Dubai International Financial Centre, said: “The Dubai International Financial Center continues to consolidate its position as a major driver of growth in the financial services sector, by attracting the best global talents and promoting a business environment that supports innovation and leadership. This comes within the framework of our commitment to supporting the goals of the Dubai Economic Agenda (D33) and achieving sustainable economic growth.

The success of the center is considered a role model for emerging financial centers, as our role is not limited to granting licenses only, but rather we provide an integrated system that enables companies to launch and flourish. Our framework is designed to be in line with the requirements of the present and the aspirations of the future, by embracing innovation, adhering to the highest global standards, and consolidating the principles of transparency and integrity.”

Dubai’s position as a global financial center in the region

Since its launch in 2004, the Dubai International Financial Center has succeeded, through its three independent bodies – the Dubai International Financial Center Authority, the Dubai Financial Services Authority, and the Dubai International Financial Center Courts – in transforming Dubai into an attractive destination for leading global financial powers, innovators, and leading companies in the field of professional services, by providing an integrated system that combines legal and regulatory certainty and business flexibility, thus becoming a standard model for emerging financial centers around the world.

This effective model combines the leadership of the DIFC Authority in the field of strategies, infrastructure and innovation, the global regulatory oversight of the Dubai Financial Services Authority, and the expertise of the DIFC Courts in resolving disputes, which gives companies the necessary elements to achieve prosperity and growth and supports the consolidation of the principles of transparency, stability and legal certainty.

The only financial center in the region that operates at scale across all sectors

The Dubai International Financial Center has been able to consolidate its position as the largest and most diversified financial center in the region, thanks to its wide global connectivity and its reach to more than 77 countries in the Middle East, Africa and South Asia.

Thanks to the strategic direction of the DIFC Authority, the center has attracted more than 8,000 active registered companies, employing 48,000 professionals, thus forming the largest and deepest pool of specialized talent in the field of financial services in the region. The Dubai International Financial Center is the only financial center in the region that operates on a large scale, which enables it to contribute to the development of the global financial sector. Its client list also includes the largest concentration of financial services companies across the areas of banking, capital markets, wealth and asset management, and insurance.

For his part, Arif Amiri, CEO of the DIFC Authority, said: “The number of registered companies exceeding 8,000 strengthens the position of the DIFC as the only financial center in the region that operates on a large scale across all sectors. This depth and diversity enables us to support the economic growth of the emirate, and contribute to shaping the development path of the global financial services sector. Moreover, we aspire to enhance the rise of Dubai as a city.” A regional leader in the field of technological innovation. As we continue to expand our global footprint, we are committed to strengthening DIFC’s role in enabling companies to grow, innovate and make a sustainable impact on the economy of the future.”

The DIFC is trusted by 289 licensed banks and companies within the capital markets sector, including 27 of the top 29 systemically important banks in the world, managing banking assets worth approximately $240 billion, whose value has increased from $80 billion ten years ago, a growth rate of 200%.

A regulatory framework that supports strategic expansion

The Dubai Financial Services Authority continues to develop its strategy and regulatory frameworks to support expansion and growth, enhance market connectivity, and innovation, while maintaining stability, giving the DIFC a distinguished position to lead the next phase of transformation within the financial services sector. The DFSA’s robust regulatory framework, which is based on common law and draws from the standards of leading global regulatory bodies, plays an essential role in the success of the DIFC.\
More than 1,000 institutions operating from the DIFC are currently regulated by the Dubai Financial Services Authority, the largest number of all financial centers in the region.

In turn, Mark Steward, CEO of the Dubai Financial Services Authority, said: “Crossing the threshold of 1,000 institutions registered within the DIFC is more than just a regulatory turning point. It is a clear indication of the confidence of global institutions in the DIFC given the depth and diversity of its financial system. Companies choose to be present in the DIFC because Dubai provides an ideal environment for growth, enabling them to communicate with investors and markets around the world. It contributes to directing global capital towards new growth opportunities, whether in developed or emerging markets.”

The Dubai Financial Services Authority is constantly developing the framework for financial funds to support future growth and maintain its leading position, which enables the DIFC to continue to consolidate its reputation as a preferred destination for hedge funds, wealth and asset management companies, and alternative investment companies.

The DIFC Courts continues to establish itself as the leading English-language common law commercial court in the Middle East, Africa and South Asia region, providing world-class dispute resolution services to local, regional and international companies. The total value of cases dealt with by the courts since the beginning of the year has reached more than 17.5 billion dirhams.

Wayne Martin, Chairman of the DIFC Courts, said: “The increase in the value of claims reflects the courts’ position as a preferred jurisdiction for providing efficient and reliable judicial services to institutions and individuals alike, and also strengthens Dubai’s position as a leading global financial center and hub for international business in the region.”