Amiri: Improvements to the licensing system at Dubai International Financial Center (DIFC) enhance the emirate's position in the global markets

Dubai International Financial Center (DIFC) has confirmed its strong performance in the first six months of 2019, with 250 new companies, an increase of 10% compared to the same period in 2018.

The Center pointed to Emirates Today to record a significant increase in the number of financial technology companies during the first nine months of 2019, stressing that improvements to its licensing system enhances Dubai's position in the global markets, and supports the ambitious vision to become the first in terms of ease Doing business by 2021.

Powerful performance

Arif Amiri, CEO of the DIFC Authority, said that the DIFC has achieved strong performance during the first six months of 2019, receiving 250 new companies, an increase of 10% compared to the same period in 2018, adding 660 opportunities. New work.

He added in an interview with Emirates Today that the total number of companies already active in the center, and operational operations from it, until the end of June 2019 reached 2300 companies, with a total workforce of more than 24 thousand employees.

Employment Law

Regarding legislative developments, Amiri said that DIFC has implemented the Employment Law during the second half of this year, which confirms its commitment to the application of the highest international standards and practices, with a focus on important topics, including paternity leave, sick leave with pay and bonuses. End of service.

Improvements to the Employment Law were essential to develop an attractive environment for outstanding skills, minds and competencies, ensuring a more prosperous work environment for the Center, as well as protecting the interests of both employers and employees and ensuring a balance between them.

Staff Savings

Amiri pointed out that the Center has started implementing the “Employees Savings Funds Plan in the Workplace”, which was launched during the second half of this year, as part of its efforts to keep pace with the global trends in the field of employee benefits, in order to develop the system of end-of-service benefits within the Center. Based on rewards, into a professionally funded and managed contribution-based plan.

The new plan, which is to be fully implemented by January 2020, provides a low-cost investment platform to receive and manage mandatory end-of-service contributions for the Center's employers on behalf of employees and any additional voluntary savings from staff.

New licenses

Amiri said that the center has introduced fees and competitive advantages for new sectors of customers, allowing more companies to manage their business from the center, pointing out that the new improvements to the licensing system and fees come in response to market needs, enabling companies operating within the center to grow, and encourage them to establish More diversified portfolios of business activities in the center.

He stressed that these improvements to the licensing system will enhance Dubai's position in the global markets, and support the vision of becoming the first Dubai, in terms of ease of doing business by 2021.

Since the DIFC's 10-year strategy was announced in 2014, DIFC has witnessed a number of developments, including occupancy of 99 per cent owned buildings.

Financial Technology

Amiri pointed out that the Center attaches great importance to building an integrated and comprehensive system of financial technology, which enhances its leadership and position, as it recorded a significant increase in the number of financial technology companies that have obtained licenses from 35 to 100 companies, during the first nine months of 2019, pointing out that The number of financial companies registered in the center is 671 compared to 362 companies in 2014 with a growth rate of 85%.

The center is home to the largest and most advanced financial technology system in the region and has attracted a number of financial technology companies from a variety of markets and geographies, including UK-based digital banking and payment solutions company Bankble. Hong Kong, a mobile and mobile payment technology, offers advanced back-end payment solutions to companies such as AliPay and WeiPay.

He pointed out that the list of financial technology companies registered with the Center, as the headquarters of its operations in the Middle East, Africa and South Asia, includes «Venergo», headquartered in the Irish capital Dublin, and «Charles Taylor» specialized in providing technology services to the insurance sector «InsureTech», and financing platform Collective «Vanded by Mei» Swedish.

He pointed out that the financial services companies that joined the center during the first half of 2019: «My Bank Islamic» from Malaysia, «Cantor Fitzgerald» from the United States, «Atlas wealth management», «Commercial Bank of Mauritius», Non-financial companies such as Guide Point Middle East and Africa, Medtronic Finance Hungary and Network International have joined.

«Vintech Hive»

Amiri revealed that the new expansion project of the center, which will increase its current area by three times, will support the growth of the companies of the new sector, which has become known as the sector of innovation and financial technology, as well as startups and small and medium enterprises.

In the third edition of the Vintec Hive Business Accelerator Program, the Center received 425 applications, an increase of 42% from the 2018 edition, and a three-fold increase compared to 2017. The number of startups hosted by Vintec Hive this year reached 31 Compared to 22 in 2018.

Competitive Center

Amiri stressed that the growing activity of DIFC in the field of financial technology contributes strongly to enhance its competitiveness in the Middle East, Africa and South Asia, and was reflected positively in increasing the rank of the Center in the Global Financial Centers Index, from 29th place in 2014 to No. 15 in 2018, and eighth in 2019, the highest ranking ever for Dubai.

He pointed out that Dubai's ranking among the top 10 financial technology centers, in terms of economic potential, is evidence of the emirate's commitment to continue its strong growth, pointing out that «Dubai International Financial» is the only center in the Middle East and Africa, which was included in the report «Top 10 global centers Futures for financial technology '', within the index of the most promising cities for 2019/2020, according to the magazine Foreign Direct Investment «FDI Intelligence» of the «Financial Times».

The growing demand for financial technology supports the innovation and growth of financial services, as well as strengthening Dubai's position as one of the top 10 financial technology centers around the world.

Managed assets

Arif Amiri, Managing Director of the Dubai International Financial Center (DIFC), said the assets under management in the center amounted to $ 99 billion in the first quarter of 2019, compared to $ 10.4 billion in 2014.Also, the asset and financing budget achieved $ 159 billion in the first quarter. From 2019, compared to $ 50 billion in 2014, an increase of 218%.