There are more than 1,000 fintech and innovation firms registered in the Dubai International Financial Centre (DIFC) and they have raised $3.3 billion in venture capital funding globally, the financial hub’s Governor, Essa Kazim, said.  

The DIFC has witnessed an unprecedented growth, registering 902 such companies in 2023, up 31% on 2022, and that number has already surpassed 1,000 in 2024, Kazim told during opening remarks at the Dubai Fintech Summit.

“I am pleased to announce that we have welcomed 1,000 fintech and innovation funds in total, and they have raised $3.3 billion in VC funding globally,” he said. 

“This accelerating growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda D33 to double the size of Dubai’s economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment.”

DIFC posted a net profit of $203 million in 2023, up about 45% YoY, while combined revenue rose 23% to $352 million.

(Writing by Imogen Lillywhite; editing by Seban Scaria)