x Abu Dhabi, UAESunday 23 July 2017

Companies stand by Dubai's financial hub

The Dubai International Financial Centre (DIFC) said that "registration withdrawals" by companies looking to set up in Dubai had dropped to the lowest in more than two years.

The Dubai International Financial Centre (DIFC) said the number of companies withdrawing applications from setting up in the centre had dropped to the lowest level in more than two years.

Just two companies withdrew their applications in the last three months of 2010, the DIFC said in its annual operating review.

This comes after the centre saw dozens of companies shut down in the aftermath of the global financial crisis over the last two years. There were 792 companies registered in the DIFC by the end of 2010, compared to a total of 999 companies that ever joined the centre.

Abdulla al Awar, chief executive of the DIFC Authority, said there "is no doubt that the road ahead remains challenging".

"However, we believe that there are still many untapped opportunities that our new strategy will position us to take advantage of," he said in a statement. "We are committed to growing our existing client partnerships and we look forward to the continued support and guidance of our clients in our journey together to achieving greater success."

The DIFC also said:

- Of the 113 Companies that registered in 2010, 52 per cent were from North America and Europe while 45 per cent were from from Middle East and Asia

- The Dubai Financial Services Authority signed eight new bi-laterial memorandums of understanding and two new multi-laterial MoUs in 2010, bringing the total to 56

- 300,950 square feet of new commercial space was added to the DIFC in 2010

- Occupancy of the Gate District is more than 95 per cent, while Currency Tower, Currency House and Liberty House are 44 per cent occupied

- Two million square feet of commercial office space is expected to be delivered over the next two years in the DIFC