The Dubai International Financial Center announced yesterday, achieving record results in 2024, which coincided with the passage of 20 years since its establishment, continuing the leadership of the future of the financial sector, and the consolidation of Dubai as the capital of money, business and financial services in the region.
According to those results, the total number of active companies in the center increased to 6920 companies, compared to 5523 companies in 2023, an increase of 25%, and the center attracted 1823 new companies, which represents the highest number ever registered in one year, which reflects growth Historically by 25%.
In turn, the collected revenues for 2024 recorded its largest increase since the establishment of the center, reaching about 1.78 billion dirhams (484 million dollars), an increase of 37% over the record performance recorded in 2023, and operating profits amounted to 1.33 billion dirhams (363 million dollars). , With an increase of 55%.
Global center
“This exceptional growth of the center embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler Dubai, may God bless him, to transform the emirate into the leading global financial center in the region, and to consolidate Dubai’s position as a leading financial destination worldwide.
His Highness added in a post on his account on the “X” platform: “The exceptional growth of the Dubai International Financial Center, for 20 years, embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum in establishing Dubai’s financial leadership globally, in 2024 the center recorded the best annual performance in Its date, with an increase in the collected revenues by 37% to reach 1.78 billion dirhams, the number of active companies to 6920 increased by 25%, the attracting of 1823 new companies at the highest annual rate, and the number of manpower to rise to 46.078 people, and the technology and innovation sector also witnessed unprecedented growth in a rate 38%. ”
His Highness continued: “Today we are the product of the insightful vision of His Highness Sheikh Mohammed bin Rashid, and we continue to strengthen an integrated global financial environment that supports innovation, and consolidates Dubai’s position as a global financial city that leads the future.”
New partnerships
In addition, the governor of the Dubai International Financial Center, Issa Kazem, said: “Over the past 20 years, (Dubai World Financial) has played a leading role in transforming the economic scene in Dubai in particular and the UAE in general, in line with the targets of the Dubai Economic Agency (D33)» He pointed out that the Dubai World Financial Center Strategy 2030 continues to establish our position as the best global financial center in the region and one of the leading financial centers in the world.
Kazem added: “In line with our rational leadership commitment in Dubai to build strategic relations with the international business community, (Dubai International Financial) will continue its efforts in holding new partnerships, in order to enhance our reputation and status in leading the future of the financial sector.”
Future leadership
For his part, the CEO of the Dubai International Financial Center, Aref Emiri, said: “(Dubai World Financial) continues to consolidate its position as the leading global financial center in the region, where he welcomes the joining of institutions and talents that share the values and vision themselves to lead the future of the financial sector.”
He added: «While we look forward to and look to the future, we will continue our efforts to cooperate with customers and various sectors and relevant authorities, develop infrastructure, formulate laws and regulations, and care for innovation in a way that ensures our continuation in strengthening Dubai’s reputation as the first global financial center in the region.
Technology and innovation sector
The Dubai International Financial Center indicated that, supported by the launch of “Campus Dubai for AI”, the technology and innovation sector remains the fastest growing sectors in the center, as it recorded an increase of 38% on an annual basis to reach 1245 companies in 2024.
The new and existing companies contributed to providing job opportunities that led to the enhancement of the level of workforce growth to 46,078 people, an increase of 10%, and during the year 2024 the center continued to attract new financial companies, as it witnessed the joining of new and important financial services within its system.
Financial Services Command
The Dubai International Financial Center confirmed that it includes the largest gathering of financial services companies in the region. At the end of 2024, more than 260 banks and capital markets, 410 companies for wealth and asset management, including 75 hedge funds, and 125 companies linked to insurance and reinsurance, The system also includes more than 70 mediation companies.
In reflecting the depth of this system, the customers of the Dubai International Financial Center currently include 27 out of 29 banks of significance in the world, eight out of 10 of the most prominent international money management companies, five of the highest insurance brokerage firms, and five of the 10 largest mediation companies among customers In terms of size.
At the end of 2024, the Dubai Financial Services Authority, the independent organizer of financial services that are practiced in or from the Dubai International Financial Center, organized or supervised more than 900 entities.
Special wealth
Dubai International Dubai pointed out that Dubai embraces the highest focus of special resources between the cities of the Middle East, noting that the center continues to achieve tremendous growth in the wealth and asset management sector, as 410 “Dubai International Financial” companies have chosen to be its preferred financial center in the region, with an increase It is 60 companies, which reflects a 16% increase on an annual basis.
In turn, the alternative investment sector in the center is witnessing faster growth than the market, as it includes 75 hedge funds, of which 48 fund The coming years.
In support of further growth, Dubai International Financial announced during the year 2024 the establishment of the first center of its kind for investment fund .
artificial intelligence
Dubai Global Financial Dubai that during the year 2024, he launched two distinct initiatives, within the framework of the “Dubai annual plan, to accelerate the adoption of the uses and applications of artificial intelligence”, and “Campus Dubai for AI” has already become the largest gathering dedicated to artificial intelligence and “Web 3” in The region added, “The launch of the Dubai AI license drew the attention of the international technology community. More than 120 companies got the new license and joined (Campus Dubai AI) during the first six months of its launch, which greatly exceeds the goal scheduled in the first year Represented by 75 companies. ”
To add more confidence and certainty to the market, the Dubai International Financial Center issued the first law for digital assets in the world, to meet the needs of the increasing numbers of companies and individuals who use digital currencies.
Dubai International Financial: Exceptional growth for family companies
The Dubai International Financial Center helps family companies to grow and prosper, and during 2024, the center’s family confidence increased to exceptional growth, as the center hosts more than 800 family companies an increase of 600 companies, which represents an increase of 33%.
By the end of 2024, “Dubai International Financial” reported that 120 of the richest families and individuals, and who have a presence within the center, run wealth exceeding $ 1.2 trillion globally.
The center emphasized that the Global Financial Centers Index (GFCI) continues to classify Dubai as the leading financial center in the region, as the emirate is the only party in the Middle East, Africa and South Asia, which was included in the first 15 positions in multiple categories.