Global asset management and advisory companies continue to flock to the Dubai International Financial Centre (DIFC) as the number of registered companies increased to more than 200, including 13 of the world's top 25 firms from the sector, said the leading international financial hub.
"The wealth and asset management sector is a cornerstone of a thriving financial services industry, and as the DIFC has developed into a top global financial centre, it has become one of our hallmarks. Major financial institutions see Dubai and the DIFC as a preferred platform to access investment opportunities and sources of investment across regional and global markets," said Arif Amiri, CEO of the DIFC Authority.
The financial centre is also home to over 60 significant funds, making it the leading fund domicile in the region.
"To date, the DIFC has seen consistent and significant growth in this field, reflecting the industry's ongoing confidence in Dubai and the DIFC. We expect to see this growth continue as we introduce new regulations to our attractive legislative and business environment in line with our ambitious 2024 Strategy. Our flexible structures, which also benefit private wealth management and family trusts, continue to give us the edge we need in accordance with the needs of the market and internationally-recognised best practices," Amiri said.
In the first half of 2018, the DIFC announced strong growth in its community, with new companies from various parts of the world joining the centre during the first half of 2018. The total number of active registered companies in the DIFC reached 2,003 at the end of June, up 8 per cent from 1,853 as of December 31, 2017 and 14 per cent year-on-year from 1,750. The sustained growth in the number of companies undertaking business from the DIFC now means that 614 companies are regulated by the Dubai Financial Services Authority, of which 493 are financial services firms.
During a recent interview, Amiri told Khaleej Times nearly half of DIFC's growth and new firms to come from south-south corridor and the Middle East, Africa and South Asia region (Measa) region.
"In line with 2020 strategy, the south-south corridor, the Measa region remains to be our key focal point of interest. New entities are being established from there. About 50 per cent of our growth is coming from there," the chief executive had said.