Markaz includes 1025 companies specialized in the financial sector and innovation

Dubai International Financial achieves the goals of the “Strategy 2024” 3 years ahead of schedule

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The Dubai International Financial Center confirmed the continuation of strong growth in the first half of 2021, achieving the goals of the "Strategy 2024" three years ahead of schedule.

A statement issued yesterday stated that the number of active registered companies in the financial center amounted to 3,292 companies, an increase of 27% on an annual basis (the number in the first half of 2020 reached 2584 companies), while the total of new companies registered during the first half amounted to 492 companies. , an increase of 59% year-on-year (310 companies in the first half of 2020).

Outstanding performance

The statement explained that this outstanding performance confirms the global position of the Dubai International Financial Center and a preferred destination for financial sector companies and innovation, and represents a three-fold growth from the values ​​recorded in 2014, when the “Strategy 2024” was launched, and the growth also reflects the great efforts made by the center to consolidate its position in The market, through continuous improvement of its operating environment, legal and regulatory frameworks, and innovation system, while it currently hosts 1,025 companies operating in the financial and innovation sector, an increase of 25% over last year (820 companies in the first half of 2020).

Leadership Guarantee

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Center, stressed that “the strong results achieved by the center to date are nothing but the fruit of the commitment to implement the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President of the UAE. Cabinet and Ruler of Dubai, for the future of the financial sector,” His Highness noted, noting the Center’s intention to double work towards higher levels of performance efficiency, to ensure the UAE’s leadership in the financial sector regionally and globally, in line with the state’s directions and strategic goals set by the wise leadership for the next stage.

His Highness said: "The announcement of the results of the Dubai International Financial Center for the first half of 2021 coincides with the launch of the (Fifty-Year Document), and the accompanying disclosure of the first packages of important projects and initiatives that, in light of the principles contained in the document, constitute a roadmap for the system of national and development work. During the next phase, with a focus on advancing the process of economic and technological development, to ensure that the UAE continues to present a unique development model based on a large balance of qualitative achievements and a forward-looking vision for a future full of opportunities.”

new Horizons

His Highness added: "The ambitious steps taken by the UAE open the way to new horizons for the growth and prosperity of various vital sectors, including the financial sector, in which we seek to consolidate our position as a global center with its weight and prestige, and to confirm the added value that we provide to support the work of our partners from different parts of the world. The world, with whom we look forward to cooperating towards achieving common successes that contribute to accelerating the recovery of the global economy, and encourage innovation and expansion in the areas of financial technology as two main pillars of the center’s work system in the next stage.”

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum expressed his appreciation for the efforts of the center's work team, and for its honorable performance despite the current global conditions, calling on the team to continue strengthening the foundations of the supportive environment provided by the center, by introducing more aspects of development to its infrastructure and frameworks. The legislative framework, which guarantees the optimal environment for partners, including local and international companies and financial institutions, of all sizes of business, to achieve its objectives and achieve the highest levels of success.

giant companies

The Innovation Hub, which was inaugurated by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, has reached its maximum capacity, confirming its position as the largest and most comprehensive innovation system in the region dedicated to stimulating the future of the financial sector, by attracting elite start-ups.

Giant technology companies, including "Ebori", "Amazon", and "Huawei" also joined the financial center.

To meet the demand, DIFC announced a plan to quadruple the expansion of the Innovation Center over the next two years, to accommodate up to 1,000 companies.

The Fintech Hive Center is incubated by Innovation Hub, which runs initiatives designed to identify and support new, world-class FinTech companies, as well as promising FinTech startups.

Markaz has expanded the scope of its two programs: “Fintech Hive Accelerator” and “Accelerate Hair” to accommodate more startups and entrepreneurs.

best practices

The DIFC continues to review and update its laws, to ensure that they remain at the forefront of global best practice.

During the first half of 2021, DIFC conducted several consultations, including a proposal to adopt new amendments to some legislation and laws related to the employment law, the data protection law, and the insolvency law.

The Center also issued an advisory paper proposing new intellectual property regulations.

The proposed regulations facilitate the administration and enforcement of intellectual property rights protection law at the Centre.

Kazem: a world-renowned reputation

The Governor of the Dubai International Financial Center, Issa Kazim, said, “The center has succeeded in building a prestigious global reputation, as the most prominent financial center in the Middle East, Africa and South Asia, and the best evidence of its great attractiveness to investors is its success in achieving the objectives of (Strategy 2024), in Raising the base of companies registered with him by three times, three years before the scheduled date.

He added: “Our continued growth also reflects the success of our forward-looking approach to focus on driving the future of the financial sector, technology and innovation, which will enable the financial center to attract start-ups and global institutions that are best in class alike,” stressing that “the center will continue to build on the successes it has achieved so far.” To play a major role, not only in accelerating our growth, but also in stimulating the economic diversification path of the Emirate of Dubai.”

Amiri: Leading the future of the financial sector

Arif Amiri, CEO of the Dubai International Financial Center Authority, said, “The center has made tremendous progress during the first half of 2021, and succeeded in achieving the goals of our 2024 strategy three years ahead of schedule, with 3,292 active companies registered at the end of the first half.” .

He added: “Our reputation as a leading global hub for the financial sector, fintech and innovation has enhanced our ability to attract new organizations to join the center’s ecosystem, as well as our ongoing efforts to improve our operating environment, legal and regulatory frameworks, and innovation initiatives.

As we now look to the next phase of growth, DIFC affirms its commitment to working with all our partners and clients to move forward in leading the future of the financial sector, and seizing the great growth opportunities that this offers us.”

Maktoum bin Mohammed:

"The UAE's steps open the way to new horizons for the growth and prosperity of various vital sectors, including the financial sector."

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