DIFC anticipates 50% growth to come from Measa region

The Dubai International Financial Centre (DIFC) expects nearly half of its growth to come from the Middle East, Africa and South Asia region (Measa) region and the South-South corridor encompassing Africa, South Asia and Latina America, its CEO said on Wednesday.

"In line with the 2020 strategy, the Measa region and the South-South corridor remain our key focal point of interest. New entities are being established from there. About 50 per cent of our growth comes from there," said Arif Amiri, chief executive officer, DIFC.

Amiri was speaking after inaugurating the Institute of Chartered Accountants of India (ICAI) - Dubai chapter - office at the financial centre. The opening was attended by Naveen Sharma, chairman ICAI; Mahmood Bangara, vice-chairman; Anish Mehta, secretary, and other members.

"It is our ambition to serve Measa opportunities and having an ICAI office established in DIFC further anchors our proposition in terms of being able to act as a gateway for the region. We have partners from India," Amiri said, adding that India is part of the financial centre's key growth markets.

As part of the 2024 strategy, DIFC is poised to grow three-fold over the next 10 years through the integration of a four-pronged strategy that includes deepening core client synergies, enhancing infrastructure, increasing the availability of skilled staff and stepping up access to the South-South trade corridor.

DIFC expects to increase the number of active domiciled financial firms to 1,000 by 2024. The combined workforce of DIFC-registered companies is set to grow from 17,860 to 50,000 over the next decade.

"Our 3,000-plus members are working in different companies such as Nakheel, Emaar and even in DIFC. With the opening of our office in DIFC, the reliability and the brand of ICAI will improve because we have to comply with DIFC regulations. So, sponsors and members will take us more seriously than before," Sharma added.

Khaleej Times Contribution Time: 30-Aug-2018 07:14 (GMT)
Khaleej Times Last Update Time: 30-Aug-2018 07:14 (GMT)