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DIFC registers 64 new companies in first half

Tuesday, Jul 26, 2011

Gulf News
Dubai: The Dubai International Financial Centre (DIFC) said yesterday that 64 new companies had started operations in the first six months of 2011, taking the total number of active companies registered with it to 813.

While 44 per cent of new regulated companies in H1 2011 came from the Middle East and Asia, 50 per cent were from Europe and North America, and six per cent from the rest of the world.

DIFC management said despite the regional unrest and the continued global economic downturn, the DIFC continues to grow as one of world’s top international financial centres. Compared to the 813 active registered companies present in the DIFC as of June 31, this year, there were 792 in 2010, comprising 312 regulated and 409 non-regulated companies, and 92 retailers.

DIFC officials said demand for space continued to grow during the first half of 2011 fuelled by the appetite of existing clients for business expansion and the Centre attracting new regional and international clients.

“In 2010, the DIFC focused on developing and implementing its new business strategy which centred on growing our existing client partnerships. We have successfully carried this through into 2011 and have seen the evolution of DIFC continue, adapting to the rapidly-changing environment around us,” said Abdullah Mohammad Al Awar, CEO of DIFC Authority.

Development of the DIFC’s physical infrastructure continued steadily in the first half of 2011, bringing the total leasable area, including third party developers, to more than two million square feet of office space. Commercial space leased by new and existing companies increased by more than 130,000 square feet in the period.

Occupancy levels in DIFC -owned commercial offices in the Gate District (Gate Building, Gate Precinct and Gate Village) remains above 95 per cent of the total leasable area of 1,217,259 square feet.

Robust demand from new companies and existing clients has increased occupancy levels within third party developments (Currency Tower, Currency House and Liberty House) to 58 per cent this year compared to 44 per cent at end of last year, the management said.

It added that the DIFC has also continued marketing the centre across the world. In the first half of this year, the DIFC governor and senior management hosted over 86 high-level delegations covering US, Europe, Asia and Latin America.

“We are focused on expanding existing client partnerships and attracting new players to drive development of the region’s financial services market. This has translated into existing clients expanding their presence in the Centre and a strong pipeline of companies and applications currently being processed,” said Marwan Ahmad Lutfi, Deputy CEO and managing director of business development.

By Babu Das Augustine, Deputy Business Editor

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