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Abu Dhabi, UAETuesday 21 August 2018

DIFC's number of registered companies tops 2,000

Up 8 per cent in six months through June, an increase from 1,853 as of December 31

The DIFC. The centre has seen the number of registered companies rise. Sarah Dea / The National
The DIFC. The centre has seen the number of registered companies rise. Sarah Dea / The National

Dubai International Financial Centre (DIFC) announced the total number of active registered companies at the centre increased 14 per cent year-on-year in June.

DIFC said registered firms reached 2,003 at the end of June, up 8 per cent from 1,853 as of December 31 and year on year from 1,750, state news agency WAM said.

The sustained growth in the number of companies undertaking business from DIFC now means that 614 companies are regulated by the DFSA, of which 493 are financial services firms.

"The fundamentals of the Dubai economy, together with the robust infrastructure we have built at DIFC, continue to be the cornerstones of the sustainable growth we are delivering," said Essa Kazim, chairman of DIFC Authority and governor of DIFC.

"Guided by the forward-looking vision of our leadership, we have built a sophisticated ecosystem that is the preferred platform for many of the world’s largest and highly respected institutions."

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A focus on attracting foreign direct investment, particularly from South East Asia, enables Dubai Government entities to complete financial services within DIFC, and facilitates the provision of financial products through Dubai.

As part of its FDI initiatives, and building on the importance of the UAE in the One Belt, One Road initiative, DIFC has made further enhancements to its offering and longstanding relationships with the Chinese institutions that continue to use the Centre as their gateway to growth. The UAE will host a visit by Chinese president Xi Jinping later this week.

DIFC is home to the regional headquarters of China’s four largest banks in terms of total assets; Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank Corporation.

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