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

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

A total of 492 new companies joined the financial centre in the first half of the year

Dubai International Financial Centre (DIFC) has registered 492 new companies in the first half of 2021, recording a 59 per cent increase from the same period in 2020.

The total number of active registered companies has reached 3,292, an increase of 27 per cent, compared to 2,584 from a year-earlier period. This growth represents a tripling in size since 2014 when the ‘2024 Strategy’ was initiated, a statement said.

DIFC is now home to 1,025 financial and innovation related companies in total, up 25 per cent from last year’s 820.

The DIFC Innovation Hub, inaugurated in May, has reached full capacity with tenants including early to growth-stage startups such as YAP, Beehive, Tabby, Xpence, Stake, Rain and Bayzat as well as Thunderbird School of Global Management, part of Arizona State University. DIFC has also announced a fourfold expansion to the hub in the next two years to accommodate up to 1,000 businesses.

Read: New DIFC Innovation Hub to spur fintech ecosystem in Dubai

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC, said: “The announcement of the H1 2021 results coincides with the launch of 50 new initiatives and projects in the UAE on Sunday based on the ‘Principles of the 50’ document, which is set to serve as a strategic roadmap for the country’s new era of political, economic and social development.”

“DIFC has successfully built a global reputation as the leading financial centre in the MEASA region and the achievement of our ‘2024 Strategy’ target to triple in size three years ahead of schedule is testament to the appeal of our proposition,” added Essa Kazim, governor of DIFC.

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