Dubai advances to eighth place among the best global financial centers

In a new milestone that reflects the success of the emirate's ambitious business approach to the highest levels of global leadership in various fields, Dubai ranked eighth among the most important financial centers in the world, according to the «International Financial Centers Index», where the Dubai International Financial Center has made a leap The index, which includes more than 100 centers around the world, advanced four places, from the 12th rank in the previous index, to reach this rating, which is considered the best since its establishment.

Steady footsteps

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai International Financial Center (DIFC), confirmed that Dubai continues to make steady progress towards achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. (1) In all fields, HH praised the good achievements of the DIFC, which reinforces its contribution to the realization of this ambitious vision and the consolidation of the UAE and Dubai as the first destination for the financial industry in the region.

His Highness said that «Dubai continues to progress steadily and confidently in various indicators of global competitiveness, and to reach the eighth place among the most important global financial centers Achievement demonstrates the success of the Dubai International Financial Center in building a supportive environment for the growth of the financial industry, to win the emirate of this interest and trustworthy “This industry, with its diverse economic activities, is delighted that the Center has an important role to play at the heart of its development and growth, with the future leadership in mind.”

“In line with the vision of His Highness Sheikh Mohammed bin Rashid, we pledge to continue working to support our existing partners and provide additional benefits to attract new partners, in parallel with the continuous development of the capabilities, organizational framework and services designed to support all our partners. “Together they contribute to the outlines of the future of the global financial industry and achieve their first place.”

Substrate

Essa Kazim, Governor of the Dubai International Financial Center (DIFC), said: “The DIFC has been a pioneer in the financial services industry since its inception in 2004 and has continued to achieve success and strengthen its global position as an important economic power and business hub.

“The financial sector is one of the main pillars of the UAE's economy, hence the importance of the DIFC as an attraction for foreign investment and a major center of global trade,” he said. “Accelerating the growth of the financial sector in Dubai is a key priority in line with (Fifty Document) issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in January 2019 to support and upgrade the national economy. ''

“Dubai's ranking as one of the top 10 global financial centers is a testament to our commitment to our community, stakeholders and global partners. Our continued drive for excellence and our focus on technology and innovation has provided an integrated plan for sustainable growth, as we continue to strive for a bright future for the sector,” added Kazim. Finance. "The new rating underscores the economic potential of the region and Dubai's promising position as a global destination of choice for international institutions, startups and financial technology leaders," he said.

World ranking

The DIFC, home to the largest and most advanced financial technology system in the region, is the only financial center in the Middle East, Africa and South Asia that ranks among the top 10 in the rankings, placing it among other pivotal global financial centers in London, New York and Hong Kong. Hong Kong and Singapore.

Dubai International Financial Center (DIFC) was ranked 12th in the Global Financial Centers Index in its previous edition, confirming its success in achieving continuous progress in the rankings since the launch of the index 12 years ago. The 2007 ranking ranked 25th, and the latest rating reflects Dubai's seven-point increase in the global financial position index compared to the previous index.

24 thousand specialized employees

The Dubai International Financial Center (DIFC) is home to more than 24,000 professionals working in more than 2,200 registered companies, encompassing the largest and most diverse pool of talent in the industry. As part of the Centre's endeavors to support professional development and staff development, the DIFC Academy provides a world-class financial and legal education system through strategic partnerships with 26 academic institutions and government agencies. To date, more than 5,500 graduates of executive education courses and programs in the fields of finance, business, law and master's programs in law have been graduated.

Strong infrastructure

Accessibility, transportation and infrastructure are major strengths of the DIFC and the Emirate of Dubai in general, allowing the Center to expand and diversify its financial services. Dubai's strategic location in the Middle East, Africa and South Asia is another important factor that allows organizations to take advantage of the business opportunities in the region effectively and smoothly.

The financial center witnessed sustained growth during the first half of this year, receiving more than 250 new companies, bringing the total number of active companies registered to 2289 companies, an increase of 14% year on year. The Center currently has more than 671 financial sector-related companies, an increase of 11% over the same period last year.

100 technology companies

The Dubai International Financial Center (DIFC) is home to more than 100 international and regional financial technology companies that have chosen the financial center as their preferred destination for expansion in the region.

The financial center has witnessed a significant increase in the number of financial technology companies wishing to join their accelerator programs, which today represent the first step to test the regional market for many global startups. The third batch of Vintec Hive received 425 applications from startups in the regulatory, Islamic financial, insurance and financial technology sectors, representing a 42% increase over the number of applications registered in the 2018 cycle.

Special business environment

The Dubai International Financial Center (DIFC) has pioneered the development of its business environment, which is the number one factor affecting the global competitiveness of financial centers, and has enhanced its legal and regulatory framework to foster growth opportunities within the Middle East, Africa and South Asia. Based on its leading position in the region, the Center recognized the need to provide greater stability to the institutions and companies running its operations from the Center.

The DIFC's legal and regulatory framework is one of the most sophisticated and supportive governance systems in the region and is in line with the highest international standards and practices. In May 2019, the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Center (DIFC), in collaboration with other financial regulators in the UAE, announced the launch of its new Financial Services Licensing System (Passporting), a regulatory mechanism for the promotion and supervision of investment funds. Licensed foreign companies in financial free zones in other countries are encouraged to enter the domestic market.