Dubai’s DIFC records best annual performance in 2020
The Dubai International Financial Centre (DIFC) with 20 per cent increase in the number of licensed firms, recorded its best annual performance in 2020.
The total number of licensed firms reached to 2,919 companies. This includes 915 financial service providers, 24 per cent more than 2019’s record. 303 fintech-focussed businesses were licensed, doubling their presence during 2020.
According to DIFC statement, operating profit was $125 million, broadly consistent with the prior year despite global economic headwinds.
Total banking assets booked in DIFC during 2020, were $189 billion, 6 per cent more than the previous year. Also, an additional $64 billion of lending was arranged by DIFC-based entities.
The DIFC’s workforce had 4 per cent increase year-on-year. In total, 1,135 new job opportunities were created by client companies, increasing the total workforce to 26,773.
DIFC base wealth and asset management investments totalled $203.5 billion, 106 per cent increase compared with $99 billion in 2019. Insurance sector’s gross written premiums reached to $1.7 billion.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC said: “The expansion across the Centre’s sectors validates Dubai’s unyielding focus on diversification, innovation and value addition. And, its deep commitment to providing a supportive environment for businesses across the spectrum – from the world’s largest financial institutions to local entrepreneurs.”
“The remarkable growth in 2020 enhances the diversity and sophistication of DIFC’s financial ecosystem, further raising Dubai’s status as a major focal point for global finance and a growth multiplier for the industry.” he added.
Among the remarkable licensed firms, were TATA Asset Management, Saudi Arabia’s Samba Financial Group, and AfricaRe. The fintech businesses who joined in 2020, included Ebury, Ripple, Adyen, KoFax Me and tabby.