RELEASE: Dubai International Finance Center grows at record pace in 2022

(Information sent by the signatory company).

RELEASE: Dubai International Finance Center grows at record pace in 2022

(Information sent by the signatory company)

Combined revenue exceeds US$272 million for the first time.

DUBAI, UAE, Feb. 21, 2023 /PRNewswire/ -- Dubai International Financial Center (DIFC), the world's leading financial center in the Middle East, Africa and South Asia region, continued to grow at a record pace in 2022.

The total number of active registered companies in DIFC grew to 4,377 in 2022, 20% more than the 3,644 in 2021. During 2022, 1,084 new companies were registered in DIFC, surpassing 1,000 for the first time in history.

DIFC posted stellar financial performance with combined revenue topping US$272 million for the first time since its inception in 2022. DIFC posted revenue growth of 18% to US$288 million vs. US$244 million in 2021. Increased revenue, coupled with operating efficiencies, resulted in higher operating profit. Operating profit for 2022 reached US$184 million, an increase of 19% from US$156 million in 2021. Total assets exceeded US$4.16 billion, reflecting DIFC's strong financial position.

Total bank assets registered with DIFC were stable at US$199 billion. As the global center for emerging markets asset and wealth management, DIFC portfolio managers invested US$164 billion in 2022, compared to a reported US$151 billion in 2021. Raised venture capital increased to US$1.2 billion, an increase of 78%.

Among its 4,377 entities, DIFC is home to 17 of the world's top 20 banks, 25 of the world's top 30 systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers and many of the top lawyers and consultants in the world.

FinTech and Innovation became the fastest growing sector at DIFC with 291 new clients. 686 technology and innovation companies, ranging from startups to global unicorns, are now headquartered at DIFC.

A total of 1,369 financial and innovation-related entities are now active and operating within DIFC, increasing 22% in 2022. 291 FinTech and innovation startups joined in 2022, representing an increase of 36% and raising the total to 686.

His Excellency Essa Kazim, Governor of DIFC, commented: "Dubai's economy continues to grow and DIFC prides itself on being a notable contributor to the emirate's GDP and a key job creator. Our focus in 2023 will be to accelerate the future economy by building on our already strong position as a preferred gateway for companies looking to expand and grow within the huge MEASA market and attract further investment to the UAE's strong financial sector."


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