DIFC posts strong growth and reaches major milestones in H1
Staff Writer |
Dubai International Financial Centre (DIFC) announced its first half 2016 operating review. DIFC reached another milestone of crossing over 1,500 firms, with 1,539 companies now based in the Centre.
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143 new companies joined DIFC in the first half of the year alone, representing a 16% growth on this time last year.
Newly registered firms included companies taking the highest category licenses, such as HSBC, which announced moving its Middle East Headquarters and US$40 billion of assets to the Centre.
The first six months also saw reputable regional banks join the DIFC, including Ahli United Bank Limited – the first GCC bank to receive a Category 1 (full branch) license – and Bank of Palestine, which set up its first overseas operation.
In other key sectors, the Centre welcomed its first Indian reinsurance firm, HDFC International Life and Re Company Limited, to its portfolio, along with leading Kuwaiti asset management firm, KAMCO Investment Company Limited, which established its first international office in DIFC.
The 1,539 active firms in the Centre are now made up of a record 425 financial services firms (an increase of 11% on this time last year), 914 non-financial firms (a 22% increase on this time last year) and 192 retailers (2% increase on this time last year), taking a further 81,300 square feet of leased space.
Occupancy rates remain extremely high representing the ongoing demand for DIFC space and in retail, the new Gate Avenue at DIFC project will significantly increase the size of the Centre’s retail portfolio.
These global firms come from around the world with 33% from the Middle East region, 18% from the EU, 15% from the UK, 12% from the US, 12% from Asia and a further 10% from elsewhere in the world.
DIFC surpassed 21,000 employees working in the Centre’s firms, an important landmark as the Centre looks to target 50,000 employees by 2024, meaning 42% of the target has been met.
21,076 employees, an increase of 14% or over 2,500 new professionals, from this time last year, now work in the Centre. ■