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- Over 60 significant funds domiciled in DIFC
- 13 of the world’s top 25 wealth and asset managers are established in the Centre, the latest of which is Fidelity International
- DIFC continues to enhance laws and regulations to support the sector’s growth
Dubai, UAE – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, continues to achieve remarkable growth in its wealth and asset management sector with world-leading firms working at impressive scale within the Centre.
The number of registered companies and specialist global advisors in the Centre has increased to more than 200, including 13 of the world’s top 25 firms in the sector. DIFC is also home to over 60 significant funds, making it the leading fund domicile in the region.
DIFC’s strategic position as a bridge from the region across the world enables companies to manage their interests throughout the MEASA region and beyond, including Asia, Europe and Africa, from their base in Dubai.
“The wealth and asset management sector is a cornerstone of a thriving financial services industry, and as DIFC has developed into a top global financial centre, it has become one of our hallmarks,” said Arif Amiri, Chief Executive Officer of the DIFC Authority. “Major financial institutions see Dubai and DIFC as a preferred platform to access investment opportunities and sources of investment across regional and global markets.
“To date, The Centre has seen consistent and significant growth in this field, reflecting the industry’s ongoing confidence in Dubai and DIFC. We expect to see this growth continue as we introduce new regulations to our attractive legislative and business environment in line with our ambitious 2024 Strategy. Our flexible structures, which also benefit private wealth management and family trusts, continue to give us the edge we need in accordance with the needs of the market and internationally-recognised best practices.”
DIFC is home to the regional headquarters of 13 of the world’s top 25 wealth and asset managers, with Fidelity International recently joining the Centre. Registered as FIL Distributors International Limited, Fidelity International has been licensed by DFSA and will manage its asset management business in the Middle East and South Africa from the Centre, marking the latest growth milestone in the DIFC community.
In recent months, DIFC has achieved significant progress through strategic initiatives to encourage the sector’s continued growth.
This includes evolving its legislative framework, as DIFC is constantly introducing developments to its wealth management platform. The Centre enacted two new laws in March: the Trust Law, which provides an appropriate environment for the operation of trusts in DIFC, and the Foundations Law, a completely new regime to provide greater certainty and flexibility for private wealth management and charitable institutions in line with international best practice.
DIFC’s international-standard regulatory framework and flexible business environment are already paying dividends to global and regional companies within the Centre’s community. In the first half of 2018, more than 150 companies were licensed in DIFC, boosting the total number of companies to 2,003, including major financial institutions State Street Global Advisors and Berkshire Hathaway Specialty Insurance. These companies benefit from three types of fund structures, as well as tried and tested SPCs and ISPVs used in structured financing transactions or related to entities of substance.
The Centre has also made notable progress in its efforts towards developing a venture capital ecosystem in the region. This includes the Memorandum of Understanding (MoU) that DIFC has signed with Middle East Venture Partners (MEVP), as well as its partnership with Startupbootcamp to launch new programmes which will promote entrepreneurship in the region.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is one of the world’s top financial centres and the leading financial hub for the Middle East, Africa and South Asia. The Centre provides a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas and facilitates growth in South-South trade and investment. An onshore, international financial centre, DIFC offers a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator and judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing the Middle East, Africa, Southern Asia and Latin America.
Currently, 2,003 active registered companies operate from the Centre, with a combined workforce of 22,768 professionals.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3 billion and nominal GDP of US$7.7 trillion.
For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
For media enquiries, please contact:
Manal Shaikh
Dubai International Financial Centre Authority
Senior Manager, Communications
Tel: +971 4 362 2453
Email: manal.shaikh@difc.ae
Joudi Issa
Brunswick Group
Tel: +971 4 560 9600
Email: DIFC@brunswickgroup.com
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