Dubai’s DIFC adds 250 companies, 660 new jobs in first half of the year

Dubai International Financial Centre (DIFC) recorded the addition of over 250 new companies in the first half of the year, up 10 per cent compared to the same period in 2018.

The total number of active registered firms in the centre now stands at 2,289, an increase of 14 per cent year-on-year.

The addition of the new companies led to the creation of over 660 jobs, with DIFC’s combined workforce now at 24,000 individuals, a statement said.

The financial services firms that joined in 2019 include Maybank Islamic Berhad from Malaysia, Cantor Fitzgerald from the US, Atlas Wealth Management from Australia and Mauritius Commercial Bank.

Non-financial firms that have joined the DIFC in H1 include Guidepoint MEA, Medtronic Finance Hungary Kft. and Network International.

The DIFC now has more than 671 financial related firms, an 11 per cent increase from the same period last year.

DIFC has announced several regulatory changes in the last six months to attract more firms to do business in the centre.

Earlier this month, the centre introduced four new licencing categories with reduced fees including short-term and restricted licences, commercial permissions and dual licences.

Last month, the centre enacted a new insolvency law, aimed at attracting more investors.

Read: Understanding DIFC’s new insolvency law: What kind of an impact will it have?

It also recently announced a new employment law that addresses issues such as paternity leave, sick pay and end-of-service settlements.

Read: Dubai’s DIFC enacts new employment law, introduces paternity leave

In January, the DIFC 2.0 plan was launched as part of which the centre will be expanded by a total of 13 million square feet.

Upon completion, the new district will comprise 6.4 million square feet of office space, 2.6 million square feet of creative space, 1.5 million square feet of residences, 1.3 million square feet of retail space and 700,000 square feet devoted to leisure and entertainment.

Read: In pictures: Dubai’s ruler approves DIFC expansion plan