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Dubai ranked 8th globally in terms of growth and development on Xinhua-Dow Jones Int'l Financial Centres Development Index 2011

DUBAI: Achievements of Dubai International Financial Centre , or DIFC , were recognised by the Xinhua-Dow Jones International Financial Centres Development Index 2011, which provides a ranking of 45 international financial centres in terms of development capacity, where Dubai was ranked eighth globally in terms of growth and development and has maintained its status as the leading financial centre between Singapore and Europe, DIFC top executives announced today in a press conference.

Dubai also topped the financial centres in the Middle East in the latest edition of the Global Financial Centres Index.

64 companies joined Dubai International Financial Centre , or DIFC , in the first six months of 2011, bringing the net total of active registered companies operating in the Centre up to 813; 44 per cent of new regulated companies in H1 2011 came from the Middle East and Asia, 50 per cent from Europe and North America, and six per cent from the rest of the world, according to top DIFC Authority, according to DIFC in a press release.

"In 2010, DIFC focused on developing and implementing its new business strategy which centered 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.

"The outlook for economic growth in the region continues to be strong due to the long term fundamentals, particularly its abundance of natural resources and youthful populations, as well as the benefits of economic integration through the GCC Common Market and larger Free Trade Area. DIFC , with its modern infrastructure, free zone status and self-governing laws and courts, is uniquely positioned to support this growth in the region and to continue to be a major contributor to the UAE and wider region economies," Chief Executive Officer of DIFC Authority Abdulla Mohammed Al Awar said.

"2011 marked the beginning of a new phase in DIFC’s development as one of the leading global financial centres. We are focused on expanding our existing client partnerships and on attracting new players to drive the development of the financial services market in the region. This has translated in the number of existing clients expanding their presence in the Centre, and the strong pipeline of companies and applications currently being processed," Deputy CEO and Managing Director of Business Development & Services Marwan Ahmad Lutfi, said.

As of 31 June 2011, 813 active registered companies have a presence in DIFC (FY 2010: 792), with 312 regulated and 409 non-regulated companies, and 92 retailers (FY 2010: 313 regulated, 396 non-regulated, and 83 retailers). The growth in number of registered companies remained consistent in the first two quarters of 2011 at around 32 companies per quarter, which is similar to that recorded in the last three quarters of 2010.

DIFC has also built upon its stature as the regional hub of choice for the world’s leading companies which is underlined by the geographical diversity of regulated firms operating out of the Centre with 30 per cent from the Middle East, 10 per cent from Asia, 41 per cent from Europe; 16 per cent from North America and three per cent from the rest of the world. DIFC is also home to 18 of the top 25 global banks, six of the 10 largest insurers, six out of the 10 top law firms and eight of the top asset managers in the world.

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© Copyright Emirates News Agency (WAM) 2011.