Dubai International Financial Centre (DIFC) reported the best performance in its 16-year experience. Dubai’s growth trajectory across the global finance industry is well seen with the 20% growth in new firms; 24% growth in financial companies and the FinTech Businesses and Innovation ecosystem number doubled and it requires trade license. Business sectors also achieved exponential growth. This includes wealth and asset management, banking, FinTech, professional services, and capital markets.
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The growth portrays Dubai’s relentless focus on diversification, innovation, and value addition. It is also a result of its commitment to provide a supportive environment for businesses for the big and the small alike.
Finance Hub Future
DIFC Innovation Hub, a major initiative, provided education, training, and both incubator and accelerator programs. They have access to funding especially DIFC FinTech Funding. FinTech Funding has funded Rain, Beehive, FlexxPay, Go Rise, NOW Money, and Sarwa.
Industry Development
DIFC introduced and updated laws and regulations to reflect global best practices and thereby to strive to become the leading financial center in the MEASA region. As a result, the new Leasing Law and the new Data Protection Law were introduced. Leasing law provided further protection to property owners and tenants, whereas Data Protection Law brought about check-in data security, information protection, and cyber resilience. DIFC also issued an amendment to the Common Reporting Standard Law and elevated reporting standards across firms.
A temporary directive due to COVID was also adopted to allow clients to emerge stronger from the Pandemic. The DIFC also introduced the first fully comprehensive Money Services regime, Arbitration Division, DIFC Master Health Insurance Scheme, etc. among others.
The Centre continued to attract and retain the best financial talent, throughout 2020. DIFC signed new partnerships with professional entities like the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), Chartered Institute for Securities & Investment (CISI), and the International Compliance Association (ICA).
Lifestyle Destination
Dubai attracts major brands in finest living such as Finest Restaurants, Leading fashion boutiques, homegrown brands, etc. DIFC raised its profile as a vibrant business and leisure community, with its retail and dining venues growth. The Centre also attracts global and local visitors by its dynamic art and cultural scene.
For more info, please refer to https://www.difc.ae/newsroom/news/difc-records-highest-number-annual-registrations-inception-2020/
