According to a press release issued on Thursday by the Dubai Government Media Office, the Dubai International Financial Centre (DIFC) has maintained its status as the preeminent global financial hub for the Middle East, Africa, and South Asia (MEASA) region.

With record-breaking outcomes in 2023, DIFC demonstrated a remarkable growth rate of 34% YoY in new company registrations at 1,451 companies. The DIFC now has 5,523 active companies, a 26% increase from the total number in the hub.

His Highness 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 the Dubai International Financial Centre, said, “Two decades ago, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated an ambitious vision to transform Dubai into one of the world’s leading global financial hubs. This vision has remained the cornerstone of DIFC’s sustained performance over the years. DIFC’s unprecedented growth in 2023 further consolidates Dubai’s status as the region’s foremost contributor to the global financial services industry.

“As DIFC continues its journey of success, its accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda D33 to double the size of Dubai’s economy over the next decade and reinforce its status as one of the world’s top three cities for business and investment,” Sheikh Maktoum added.

According to the release, DIFC is on track to double its GDP contribution by 2030, with total revenues approaching Dh1.3 billion.

The hub is a big draw for businesses in the fintech and innovation sectors; as of the end of 2023, it had 902 companies, up 31% YoY.

Ninety-five per cent of properties owned and managed by DIFC were occupied, and the company’s first residential offering, DIFC Living, sold out completely in less than 48 hours. With an 18% increase, total assets were Dh18 billion, demonstrating the strength of DIFC’s financial position.

Gate Avenue, the urban retail district of DIFC, saw a 25% increase in foot traffic to 12 million visitors as a result of an increasing number of events and the opening of 66 new retail and food outlets.

To facilitate talent migration into DIFC companies and to offer job opportunities in other parts of the world where its clients maintain premises, the Center established the DIFC Talent Network.

There were 5,514 new jobs created as the overall workforce increased to 41,597, a YoY increase of 15%.