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.

A new study by Tata Consultancy Services (TCS) reveals that more than 64 per cent of consumers are likely or very likely to consider an electric vehicle (EV) for their next purchase in 2025.

For over two decades, TCS has been a strategic partner to original equipment manufacturers (OEMs), supporting their transition from ICE to EV technology. The company has helped deploy battery management system (BMS) software for over 500,000 EVs globally and assisted in establishing EV charging infrastructure across 75-plus countries for OEMs.

The study, which surveyed over 1,300 stakeholders across North America, the UK and Ireland, Continental Europe, and the Asia-Pacific (APAC) region, highlights key trends shaping the future of sustainable mobility.

The findings were published in the TCS Future-Ready eMobility Study 2025, and released at the Detroit Auto Show in Michigan, US.

Key findings of the report show a growing preference for EVs

While enthusiasm for EVs continues to grow, the report also identifies significant barriers to adoption, including concerns about charging infrastructure and vehicle costs.

“The future of mobility is electric, connected, and sustainable — a transformation that will redefine industries and communities alike,” said Earl Newsome, global chief information officer at Cummins, one of the participants in the study. “The report provides a powerful lens into the challenges and opportunities shaping this journey, emphasizing the critical roles of resilience, innovation, and collaboration.”

Sustainability and cost savings remain the primary drivers for consumers opting for EVs.

However, 60 per cent of consumers cited charging infrastructure as a significant hurdle. On the other hand, 56 per cent expressed willingness to pay up to $40,000 for an EV.

Despite these challenges, 53 per cent of commercial fleet adopters are optimistic about EV adoption, driven by lower operational costs compared to traditional internal combustion engine (ICE) vehicles.

“The electric vehicle industry is at a defining crossroads, navigating the complexities of scale and transformation,” said Anupam Singhal, president of Manufacturing at TCS. “While nearly two-thirds of consumers are open to choosing electric for their next vehicle, manufacturers face challenges like advancing battery technology, complex vehicle designs, and production economics.”

Addressing the key challenges, the study found that 74 per cent of EV manufacturers view inadequate charging networks as the biggest barrier to industry growth.

However, 55 per cent of manufacturers have already started investing in battery technology innovation, while 78 per cent are focusing on cost reduction to make EVs more accessible to consumers.

Additionally, 90 per cent of manufacturers believe improvements in battery technology will significantly enhance the range and charging speed of EVs shortly.

Read: UAE to install over 500 EV charging stations by year’s end

The UAE, represented by the Ministry of Finance, hosted the inaugural UAE-Russia Strategic Financial Dialogue in Abu Dhabi on February 17.

The forum, aimed at strengthening cooperation across various financial and economic sectors, provided a platform to discuss best practices in budget preparation, public-private partnerships, and tax cooperation.

The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, alongside senior officials from the Ministry of Finance.

From Russia, the delegation was headed by Anton Siluanov, Minister of Finance, and included several senior officials.

Sharing knowledge between UAE and Russia

In his opening remarks, Al Hussaini welcomed the Russian delegation, emphasising the UAE’s ongoing efforts to enhance financial and investment cooperation through the exchange of expertise and the development of joint financial policies.

“The UAE-Russian partnership serves as a model for sustainable economic cooperation. We are committed to strengthening mutual investments and financial collaboration, ensuring the continuous development of modern budgeting mechanisms, stimulating public-private partnerships, and fostering tax cooperation,” said Al Hussaini.

He highlighted that the UAE is strengthening its position as a global financial hub by forging strategic partnerships with major economies, enhancing the resilience of the national economy and creating avenues for future growth.

Anton Siluanov, Minister of Finance of Russia, also addressed the forum, underlining the significance of the dialogue in expanding bilateral relations and cooperation between the two nations.

“Holding the first Strategic Financial Dialogue between Russia and the UAE reflects the strength of relations between our two countries and our shared commitment to broadening cooperation. Our perspectives align on key financial development matters, including the enhancement and digitalisation of budgeting mechanisms, as well as the exchange of best practices in public-private partnerships,” stated Siluanov.

Key deal signed between UAE-Russia to prevent double taxation

The forum also saw the signing of a key agreement to prevent double taxation, which aims to strengthen bilateral trade, attract investment, and promote a transparent and competitive tax environment between the two countries.

The agreement, signed by Al Hussaini and Siluanov, is expected to boost trade, increase investment flows, and create a more favourable business climate for both nations.

Al Hussaini also emphasised that the signing of the Double Taxation Avoidance Agreement with Russia further underscores the UAE’s commitment to fostering an investment-friendly environment.

In addition to the signing ceremony, the forum included four key panel discussions that explored critical areas of financial cooperation.

Topics included budget preparation, the integration of modern technologies in financial planning, public-private partnerships, and international tax policies.

The discussions also addressed developments in global taxation, trends in regulatory frameworks, and the importance of strengthening cooperation within multilateral financial frameworks.

Read: UAE Ministry of Finance unveils key new projects to boost competitiveness

Following a strong performance in 2024, Dubai’s prime residential market is expected to continue its upward trajectory in 2025, with capital values forecast to grow by up to 9.9 per cent, according to the latest research from global real estate consultancy Savills.

The Savills Prime Residential World Cities Index revealed that Dubai’s prime residential capital values rose by 6.8 per cent in 2024, cementing the emirate’s status as a global investment hub. In addition, Dubai saw a remarkable 23.5 per cent growth in rental prices last year, driven by continued demand for luxury living.

The growth is fueled by an increasing population and a steady influx of high-net-worth individuals and family offices into the UAE. Despite new supply entering the market, Dubai’s luxury segment continues to evolve, with several ultra-luxury projects redefining the market’s understanding of “prime.”

A strong year for Dubai’s prime residential property segment

In 2025, Savills projects Dubai to lead global prime residential price growth, with capital values expected to rise by 8 to 9.9 per cent, the highest among 30 global cities tracked in the index. The city is also predicted to experience the strongest rental growth, with a projected increase of more than 10 per cent.

Globally, Savills forecasts an average price growth of 1.6 per cent across the 30 cities monitored, a slight decline from the 2.2 per cent recorded in 2024. This indicates a more cautious outlook for global prime property markets.

“Despite recent economic turbulence, prime residential markets have shown remarkable resilience,” said Kelcie Sellers, associate director at Savills World Research. “With 2024 deemed the ‘year of elections,’ 2025 will be a period where new governments begin to implement changes that could affect prime residential markets across the globe.”

Andrew Cummings, head of Residential Agency at Savills Middle East, added, “Dubai’s prime residential sector continues to thrive, with demand outpacing supply in the city’s most sought-after communities. The strong rental performance and capital appreciation are making Dubai an increasingly attractive destination for global investors. We expect further momentum in 2025, with high-value transactions and new ultra-luxury developments reshaping the city’s real estate landscape.”

Read Real estate trends in 2025: Dubai developers share insights

Highly attractive to investors

Dubai’s prime residential market remains highly attractive to investors and residents alike, bolstered by expanding job opportunities, major infrastructure projects, and government-led initiatives. International buyers are often opting to rent before purchasing, contributing to the surge in rental prices in 2024 and further establishing Dubai as a luxury living destination.

Looking forward, Cummings concluded, “Dubai’s property market is expected to maintain its upward momentum in 2025, surpassing global markets like London, Hong Kong and New York. The demand for branded residences, waterfront developments, and sustainable luxury homes positions the city as a leading global hub for prime residential investment.”

Savills World Cities Prime Residential Index: 2025 capital value growth Forecast versus 2024 growth

City	2025 Forecast	2024 Capital Value Growth	Prime Capital Value (Dec 2024) (US) $ psf	Prime Capital Value (Dec 2024) (EUR) € psm
Dubai	+8% to 9.9%	6.8%	$930	€9,200
Sydney	+4% to 5.9%	3.9%	$1,950	€19,200
Madrid	+4% to 5.9%	9.4%	$1,120	€11,000
Lisbon	+4% to 5.9%	6.0%	$1,400	€13,800
Barcelona	+4% to 5.9%	8.6%	$870	€8,600
Cape Town	+4% to 5.9%	5.1%	$260	€2,500
Tokyo	+2% to 3.9%	8.6%	$2,120	€20,900
Mumbai	+2% to 3.9%	4.4%	$1,200	€11,800
Kuala Lumpur	+2% to 3.9%	0.4%	$240	€2,400
Shanghai	+2% to 3.9%	-2.4%	$2,000	€19,700
Amsterdam	+2% to 3.9%	7.4%	$1,030	€10,200
Rome	+2% to 3.9%	3.2%	$1,450	€14,300
Miami	+2% to 3.9%	-1.2%	$1,490	€14,600
New York	>0% to 1.9%	-0.9%	$2,590	€25,500
Paris	>0% to 1.9%	2.1%	$1,880	€18,600
Seoul	>0% to 1.9%	6.9%	$1,860	€18,300
Beijing	>0% to 1.9%	-2.1%	$1,490	€14,700
Hangzhou	>0% to 1.9%	-1.4%	$1,210	€11,900
Athens	>0% to 1.9%	4.4%	$1,180	€11,600
Los Angeles	>0% to 1.9%	-3.5%	$1,480	€14,600
Bangkok	>0% to 1.9%	5.1%	$1,090	€10,800
Berlin	0.0%	0.5%	$1,150	€11,400
Geneva	0.0%	1.6%	$2,550	€25,200
Milan	0.0%	0.0%	$1,520	€15,000
Singapore	-1.9% to <0%	1.1%	$1,810	€17,900
Shenzhen	-1.9% to <0%	-4.2%	$1,470	€14,500
San Francisco	-1.9% to <0%	0.8%	$1,410	€13,900
London	-3.9% to -2%	0.0%	$1,920	€18,900
Hong Kong	-3.9% to -2%	-2.4%	$3,860	€38,000
Guangzhou	-3.9% to -2%	-4.0%	$1,480	€14,600

Download the full World Cities Prime Residential 2025 report here.

The Road and Transport Authority (RTA) in Dubai is providing 4,400 additional parking spots for visitors to Gulfood 2025, taking place from February 17 to 21, 2025.

These parking spaces will be available at various locations, including Al Jafiliya, Al Kifaf, Zabeel (near Dubai Mall), and Al Wasl Club.

Read: Dubai’s RTA unveils ‘fourth-generation’ traditional abras

Directional signs will be in place to guide visitors to alternative parking areas, ensuring a smooth and convenient experience.

To facilitate smooth traffic flow around the Dubai World Trade Centre, the RTA is also offering free shuttle buses that will transfer visitors directly to the event.