DIFC attracts more than 1,800 companies in 2024 with workforce now topping 46,000

The National

18-02-2025

The Dubai International Financial Centre added a record number of companies in 2024, with new registrations up by about 25 per cent annually to 1,823 amid the emirate's economic growth momentum. The total number of companies at the centre grew to 6,920 last year, the DIFC said on Tuesday. Some of the new financial companies that set up in the centre include Allfunds, ASK Wealth Advisors, Blue Owl, Edmond de Rothschild, Nuvama Private, State Street Global Advisors and Taula Capital. The number of technology companies grew the most – up 38 per cent annually to 1,245 – while family-owned businesses jumped by a third to more than 800. Job numbers at the DIFC increased 10 per cent year-on-year to more than 46,000, with the artificial intelligence, financial technology and innovation workforce rising 43 per cent to more than 4,200. Wealth and asset management firm numbers rose 16 per cent year-on-year to 410, driven by large inflows of wealth from high-net-worth individuals, family offices and financiers, the centre said. The DIFC in November had reported that the leading 120 families and wealthy individuals within its jurisdiction are managing more than $1.2 trillion of wealth. Meanwhile, DIFC's operating profit for 2024 rose 55 per cent annually to Dh1.33 billion ($363 million), as revenue grew to Dh1.78 billion, up 37 per cent – marking its biggest growth since its establishment in 2004, it said. "We will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai's status as the region's top global financial centre," said DIFC Authority chief executive Arif Amiri. The DIFC, which marked its 20th anniversary last June, is expanding its offerings in line with the Dubai Economic Agenda – D33 – that aims to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion. Growth was largely driven by strides in sectors including finance, government data showed earlier this month. Real estate has also driven the DIFC's growth. In December, Abu Dhabi's biggest real estate developer Aldar bought a 40-storey commercial tower for Dh2.3 billion at the DIFC, as demand for office space in Dubai continues to grow. Commercial real estate occupancy remains high across the DIFC, with its owned and managed properties operating at 99.8 per cent occupancy, it said. The centre had already unveiled plans to grow its commercial space by 148,645 square metres by 2027, to cater to the growing demand for its real estate. In 2022, it announced the mixed-use project DIFC Living and Innovation Two, which includes more than 170 residential units and nearly 19,000 square metres of commercial space. This is scheduled for handover in the third quarter of 2026. Last year, the DIFC also opened the Innovation Tower, adding about 18,580 square metres to the financial centre, and broke ground on the Immersive Tower, which will add about 58,500 square metres by the second quarter of 2027. The centre last year also started work on DIFC Square, which is scheduled for handover in the first quarter of 2026.