Dubai’s DIFC records 11% increase in new company registrations in H1 2022

Dubai International Financial Centre (DIFC) has registered 537 new companies in the first half of the year, recording a 11 per cent year-to-date increase.

Read: Dubai’s DIFC records 59% increase in new company registrations in H1 2021

The total number of companies operating in DIFC soared from 3,297 to 4,031 at the end of June 2022, marking an increase of 22 per cent year-on-year. Amongst its 4,031 entities, DIFC is currently home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers, and many leading global law and consulting firms, Dubai Media Office reported.

The centre is currently housing 1,252 financial and innovation-related companies, up 22 per cent from the first half of 2021.

#DIFC records robust growth in the first half of 2022. The strong performance reinforces DIFC’s Strategy 2030 to drive the future of finance and differentiate #Dubai as a leading global hub for financial, FinTech and Innovation companies.

Read more: https://t.co/KoTCPNHIrl pic.twitter.com/jB9I8DzZKH

— DIFC (@DIFC) September 8, 2022

Fintech and innovation companies rose from 406 to 599, recording a 23 per cent increase year-on-year. New clients include, Rapyd, the first Israeli firm to be regulated in the UAE; Tarabut Gateway, the first regulated Open Banking platform to be licensed by the DFSA; KMMRCE Holdings, a Dubai-based digital-first technology provider; Oneglobal Broking, specialist international broking company; and ADIB Capital Ltd. for Wealth & Asset Management.

Read: Fintech Rapyd becomes first DIFC-registered Israeli company

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC, said: “Dubai International Financial Centre has created a strong platform for financial companies across the spectrum including global majors, regional players and promising entrepreneurial ventures to innovate, scale their business and add value to the economy.

“DIFC will continue to build productive and long-lasting partnerships with financial companies worldwide by providing them the infrastructure and support needed to enhance their stability, competitiveness and growth potential.”

“Looking ahead, the ambitious steps taken by Dubai and specifically DIFC to drive the future of finance, will generate a significant number of new opportunities for businesses,” added Essa Kazim, governor of DIFC. “In addition, they will pave the way for continued economic growth in our region and across the globe, enabling us to further raise our competitiveness and differentiate the Emirate as a top global centre for finance, Fintech and innovation.”

DIFC continues to be at the forefront of innovation with the centre hosting FinTech Week this June to speed up the adoption of next-gen technology solutions in the industry. DIFC has expanded its Innovation Hub proposition by launching a global venture studios hub and introducing a $100m venture debt fund.

Read: DIFC to host the region’s most comprehensive fintech event in June

It has also established the region’s first open finance lab, following an agreement with the Central Bank of the UAE.

Read: Dubai’s DIFC launches region’s first open finance lab