Dubai – Mubasher: Dubai International Financial Centre (DIFC) on Tuesday reported a profit growth for fiscal year 2016, according to statement.
Profits before EBITDA were up 7% to AED 460 million in 2016 compared to figures from 2015. Profits after EBITDA were AED 421 million.
DIFC’s financial position was estimated at AED 1.2 billion by the end of 2016, while its investments in infrastructure and real estate projects will likely reach AED 800 million in 2017.
Valued at AED 600 million, the first project will be the Gate Avenue, whose first phase will likely be opened by the end of the year, while the second will be launched in the first quarter of 2018, DIFC governor Essa Kazim said on the sidelines of a press conference on Monday.
Gate Village 11, which has been completed by 25%, is another project scheduled for delivery in 2017, with investments of AED 200 million, Kazim added.
DIFC also reported 1,648 active registered entities in 2016 compared to 1,445 the year before, registering a net increase of 14%, according to a statement published on its official website.
“This included 447 financial services firms, up 10% from the 408 recorded in December 2015. In addition, 976 non-financial services firms registered in the DIFC, up 17% from the 835 non-financial firms last year, as well as 211 retailers, up 12% from the 189 retailers last year,” the statement said.
Combined, DIFC’s total workforce is around 21,611 professionals, up 9% from 2015, which puts DIFC “firmly on its path to execute the 2024 strategy.”
The strategy involves a 10% annual growth until 2024, which will triple DIFC’s size by “deepening core client synergies, building relevance in key global sectors, and facilitating trade and investment across the South-South trade corridor,” DIFC revealed.
The centre, much like its home emirate Dubai, boasts a multicultural community, where Middle Eastern financial services firms account for nearly 35% of major geographies, followed by 17% from Europe, 16% from the United Kingdom, 11% from Asia, 11% from the United States, and 10% from other countries.
