The Centre records record performance and exceptional growth reflecting its strong financial solvency in 2022
DIFC's revenues set 'precedent since inception' and rise 18% to AED 1.06 billion
In 2022, the centre recorded its best ever performance from net additional commercial leased space. From the source
The Dubai International Financial Centre (DIFC) announced that it will continue to grow at a record pace in 2022, recording exceptional growth that reflects the success of strategic plans based on innovation, to consolidate its position in the global financial sector and enhance its reputation as a prestigious global business hub, under the directives of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and President of the Dubai International Financial Centre (DIFC).
According to the results, the number of new companies registered in one year, for the first time, exceeded the 1000,2022 mark, and in <> the total revenues exceeded one billion dirhams, in a first of its kind since the establishment of the center.
The total number of active registered companies in the center increased to 4377,2022 companies in 20, an increase of 3644% compared to 2021,1084 companies in 2022, which means that 1000,<> new companies were registered in the center during <>, reaching for the first time the <>,<> mark in one year.
Proceeds and assets
In 2022, DIFC's total revenues exceeded AED 18 billion, the first of its kind since the establishment of the Centre, after its revenues increased by 1% to reach AED 06.897 billion compared to AED 2021 million in <>.
Operating profit increased by 19% to AED 679 million, compared to AED 573 million in 2021. Total assets exceeded AED 15.3 billion (US$ 4.18 billion), reflecting the Centre's strong solvency.
The mall recorded its best-ever performance of additional net commercial space rented with 809,349 square feet of leased space, compared to 2021,<> square feet in <>.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and President of the DIFC, said: "The continued exceptional growth of the DIFC once again confirms Dubai's leading position and its leadership in the financial sector in the region, based on its ability to adapt and move towards providing opportunities to overcome the changes of global economies, based on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of the UAE. Dubai, which aims to transform Dubai into one of the world's largest global financial centres, continues to contribute to the goal of the Dubai Economic Agenda D33 of transforming Dubai into one of the three largest economic cities in the world within the next 10 years."
His Highness added: "DIFC's growing performance demonstrates its competitive levels through its continuous attraction of innovative companies aimed at achieving growth and expansion in emerging economies to meet the market needs for integrated financial products and services with competitive standards."
"Fintech will be an essential part of all sectors in the future, which means that the ambitious steps taken by the UAE to support the future of the financial services sector will create opportunities and achieve remarkable achievements that stimulate economic growth in the region and the world."
First in the world
In tweets, His Highness said: "I have reviewed the DIFC Performance Report for 2022, which recorded exceptional growth, as 1084,20 new companies joined the center, an increase of 2021% over 4377, bringing the total number of companies to 679,<>. Revenues exceeded AED <> billion for the first time since the establishment of the centre, achieving an operating profit of AED <> million."
In another tweet, His Highness continued: "In 2022, the DIFC ranked first in the world among the most attractive free zones for foreign direct investment projects for the fifth consecutive year. The Centre's successes reflect the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and are in line with the Dubai Economic Agenda D33, from Dubai we are leading the future of the global financial sector."
Maktoum bin Mohammed:
"The DIFC's successes reflect the vision of Mohammed bin Rashid and are in line with the Dubai Economic Agenda D33."
"The continued exceptional growth of the DIFC confirms Dubai's leading position and its leadership in the financial sector in the region."
Kazim: A preferred gateway for companies to expand in the region
Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), said: "Dubai's economy continues to grow, and we at DIFC are proud of its pioneering and pivotal contribution to the emirate's GDP and support for the employment sector. He added: "The UAE's proven efficiency in managing the consequences of the COVID-19 pandemic, recognized by the whole world, along with strategic investments and structural reforms supporting business, long-term residency plans, and the regulatory framework that incubates innovation, has played an important role in attracting promising entrepreneurs from around the world, as we seek to do more in 2023 to drive the economy of the future, by consolidating our strong position, a gateway of choice for companies looking to enhance their expansion and growth in the markets. The Middle East, Africa and South Asia, which will contribute to attracting the country to more investments in the financial sector."
Amiri: Exceptional opportunities, strong and motivating performance
Arif Amiri, Chief Executive Officer of the DIFC Authority, said: "We have witnessed another exceptional year in which we have continued to focus on executing our 2030 strategy. In line with our vision to lead the future of the financial services industry, we have provided exceptional opportunities for fintech and innovation companies to support the success and growth of startups, global companies and unicorns."
"Growth continues to be strong and catalytic across all sectors, and we are proud of the many financial institutions, fintechs and innovation companies that are using the centre as a platform to accelerate their growth at a pace comparable to market growth levels." Amiri added: "We are confident that the Centre's strategy contributes to consolidating Dubai's position as a global hub for technology and innovation, as well as confirming the centrality of our role and global position in leading the financial services sector."
Reserved banking assets
The total value of bank assets held in the DIFC stood at $199 billion, and total lending operations conducted by DIFC companies rose to $166 billion, up 54%.
Consolidating its position as a global hub for wealth and asset management in emerging markets, portfolio managers invested $164 billion in 2022 from $151 billion in 2021.
Total venture capital rose to $1.2 billion, up 78%, while total written premiums for the insurance sector reached $1.2 billion compared to $1.8 billion in 2021.
4377 international companies
Of the 4377,17 registered companies, 20 of the world's top 25 banks, 30 of the top 10 globally systemically important banks, five of the top 10 insurance companies, five of the top <> asset management firms, and other leading law and advisory firms in the world.
The Centre is also a leader in the region in terms of its ability to contribute to the development of the global financial sector, by incubating the largest banking and capital markets ecosystem, financial technology, insurance, wealth and asset management, and professional services.
291 fintech companies
DIFC-based fintech and innovation companies raised more than $615 million in funding in 2022. FinTech and Innovation is the fastest growing sector in the center with 291 companies, bringing the total number of companies working in the field of financial technology and innovation to 686 companies, varying to include a wide range of business and activity levels, from startups to global unicorns.