The Dubai International Financial (DIFC) has delivered robust growth, with the number of registered companies rising by 22% year-on-year in the second quarter.
The total number of companies setting up in DIFC reached 4,031 at the end of June 2022, up from 3,297 a year ago. For the first half of the year, a total of 537 new entities joined the financial hub, registering an 11% year-to-date growth.
With more businesses joining DIFC, the number of jobs and the demand for commercial space also increased. The strong growth, DIFC noted, reaffirms Dubai's position as a "leading global hub for financial institutions".
"[The growth] led to the fastest job creation growth rate since inception, and further expands the largest and most diverse pool of industry talent in the region," DIFC said in a statement.
"As a result, the demand for commercial space also surged."
DIFC is now home to 1,252 financial an innovation related companies, an increase of 22% from a year ago. The number of FinTech and innovation firms also jumped by 23% to 599.
"The continued expansion of the thriving financial community also shows DIFC’s growing global profile as an industry cluster that offers exceptional opportunities for expansion and business enterprise," said His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC.
(Writing by Cleofe Maceda; editing by Seban Scaria)