DIFC is set to open a new Funds Centre in 2025, offering dedicated space for investment managers to raise capital and expand their operations
The Dubai International Financial Centre (DIFC), the premier global financial hub for the Middle East, Africa, and South Asia (MEASA) region, has announced record financial results for 2024, marking a milestone year as the centre celebrates its 20th anniversary.
DIFC saw a 25 per cent year-on-year increase in active companies, reaching 6,920 in 2024, up from 5,523 in 2023.
The centre also recorded 1,823 new registrations, the highest annual figure to date, reflecting a historic 25 per cent growth.
DIFC’s total revenue for 2024 hit Dhs1.78bn ($484m), a 37 per cent increase from 2023, with operating profits surging by 55 per cent to Dhs1.33bn ($363m).
These figures mark the largest annual increase since the centre’s inception.
Vision of growth
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, attributed the centre’s growth to the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as the region’s financial hub.
“DIFC’s exceptional growth over the past 20 years reflects the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, who sought to position Dubai as a global leader in financial services. This success further cements Dubai’s role as a world-class hub for financial services,” Sheikh Maktoum said.
The centre’s 2024 performance aligns with Dubai’s long-term vision to create an advanced financial ecosystem that meets the demands of the future, Sheikh Maktoum added.
The technology and innovation sector led DIFC’s growth, seeing a 38 per cent increase in companies, reaching 1,245 in 2024. This growth was primarily driven by the launch of the Dubai AI Campus.
The number of jobs generated by new and existing businesses raised DIFC’s workforce to 46,078, a 10 per cent rise from the previous year.
DIFC continued to attract new financial firms in 2024, with key registrations including Allfunds, Bank of Communications, Blue Owl, Edmond de Rothschild, Hayfin, Wellington Asset Management and Ziraat Bank.
“Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE’s economic landscape in line with the Dubai Economic Agenda, D33,” said Essa Kazim, governor of DIFC. “DIFC’s Strategy 2030 continues to position us as the region’s top global financial centre and one of the world’s leading financial hubs.”
Driving private wealth and expanding services
DIFC has become the region’s preferred wealth and asset management hub, with 410 firms, including 75 hedge funds, making it their base.
The centre’s alternative investment industry also continues to grow rapidly, with DIFC now home to 75 hedge funds, 48 of which are part of the exclusive ‘billion-dollar club’.
The centre’s client base includes 27 of the world’s 29 global systemically important banks (G-SIBs), and it continues to strengthen its role in supporting family businesses, which increased by 33 per cent in 2024, reaching over 800.
In response to demand, DIFC is set to open a new Funds Centre in 2025, offering dedicated space for investment managers to raise capital and expand their operations.
Technology and innovation driving the future
In 2024, DIFC continued to lead in emerging technologies, including AI and fintech, with the launch of the Dubai AI Campus, which quickly became the region’s largest cluster of AI and Web3 companies. DIFC’s Dubai AI licence attracted over 120 companies within its first six months, surpassing its initial target. The inaugural Dubai AI and Web3 Festival, held in October, attracted 6,800 delegates, cementing Dubai’s status as a global hub for technology and innovation.
The Dubai FinTech Summit, organised by DIFC, attracted over 8,000 delegates, reflecting the strong momentum in the sector. As part of its commitment to the Dubai Digital Economy Strategy, DIFC launched Ignyte, a platform to support over 100,000 start-ups and entrepreneurs globally.
DIFC is committed to achieving Net Zero by 2045, five years ahead of the UAE’s target. The Centre’s Decarbonisation Strategy focuses on reducing emissions from its operations, construction, and supply chains, ensuring “true” Net Zero without offsetting.
DIFC: A key commercial and cultural hub
DIFC’s real estate portfolio continues to see high demand, with an occupancy rate of 99.8 per cent in its properties. The centre will soon introduce more than 1.6 million square feet of commercial space with new developments such as DIFC Square, Innovation Two, and Immersive Tower.
Beyond finance, DIFC has positioned itself as a key cultural hub, with fine dining restaurants, art galleries, and cultural experiences like DIFC Art Nights and the Sculpture Park, alongside Art Dubai, one of the most significant global art gatherings in the Middle East.
DIFC has attracted talent from across the globe, with its workforce growing to 4,243 professionals in the AI, FinTech, and Innovation sectors, a 43 per cent increase from the previous year. The Centre also stands out for its gender diversity, with 37 per cent of its workforce being female.
In 2024, DIFC Academy saw 9,156 graduates, bringing the total number of learners since its inception to 41,456. The academy has also introduced 30 sustainability-focused programmes, contributing to the Dubai leadership’s commitment to educating 1 million people on sustainability.
With its ambitious growth trajectory and a firm commitment to innovation, DIFC is poised to remain at the forefront of the global financial services sector for the next 20 years and beyond.
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