Record 996 new companies with unprecedented revenues of 897 million dirhams in 2021

Dubai International Financial achieves the best annual performance in its history

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The Dubai International Financial Center announced that it achieved the best annual performance in its history, to continue its pivotal role in supporting the economy of the UAE, as well as consolidating its leading position, as one of the most important players in the global financial sector.

achieve goals

The center stated that it succeeded during the past year, despite the challenges of the global "Covid-19" pandemic, in achieving the growth goals set in the "Strategy 2024" three years earlier than scheduled, during the first half of 2021, which witnessed the registration of 996 new companies in The center, the highest number ever recorded in one year, with an increase of 36% compared to 2020, this growth in the number of companies registered in the center is equivalent to more than three times the average values ​​recorded during the past decade.

The total number of active registered companies in the financial center increased from 2,919 companies in 2020 to 3,644 companies in 2021, an increase of 25%.

The number of companies active in the financial and innovation sector has also increased from 915 companies in 2020 to 1124 companies now, an increase of 23%.

strong financial performance

During 2021, the Dubai International Financial Center provided a strong financial performance that contributed to achieving the highest levels of annual revenues and operating profits ever, as the center’s revenues increased by 16% to reach 897 million dirhams, compared to 774 million dirhams in 2020, an increase of 7 % compared to the levels recorded during the pre-pandemic period in 2019, which amounted to 838 million dirhams, which was the strongest financial year in the history of the center.

operating profit

The increase in revenues and cost control measures contributed to enhancing the operating profit for the year, which amounted to 573 million dirhams, an increase of 26% compared to the year 2020, which amounted to 457 million dirhams;

And by 13%, compared to 2019, whose operating profit amounted to 510 million dirhams.

For the first time ever, the total assets value exceeded 14.80 billion dirhams (four billion dollars), which clearly reflects the strength of the financial position enjoyed by the center.

The Dubai International Financial Center continued to benefit from the strong demand for its strategically located world-class facilities.

During the year, an additional 350,000 square feet of commercial space was leased within the mall, compared to 201,900 square feet in 2020, an increase of 73%.

exceptional performance

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the Dubai International Financial Center, said, "Thanks to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the communication continues. Various vital sectors in Dubai provide exceptional performance, reflecting the strength of its well-established economic pillars, in the face of the global challenges brought by the pandemic and which have reached their extent over the past two years, and we are pleased that (Dubai International Finance) is at the forefront of these sectors through its unparalleled results. unprecedented, which confirms Dubai's leadership in global recovery at the economic and financial levels."

flexible economy

His Highness continued: "Dubai's possession of a flexible and advanced economy based on innovation has enabled the Dubai International Financial Center to complete the growth and development process and expand the scope of its financial community, despite the rapidly changing global developments.

A path of serious work that we are reaping its fruits today, achievements that confirm the success of strategies developed with a realistic and objective assessment of the surrounding data.. The interests of our partners were and will always be the focus of our attention and work to find all the necessary alternatives, in order to advance together towards the desired future.

great confidence

His Highness stressed that "the record performance of the Dubai International Financial Center in 2021 embodies the great balance of confidence that it has established in the financial and business community, whether local or global," pointing out that the strong results are the result of the center's growing partnerships with major international financial institutions, which the center is keen on Strengthening its business with a high-level infrastructure and flexible regulatory frameworks that give it an effective competitive edge at the level of the global financial industry.

His Highness, the President of the Dubai International Financial Center, expressed his appreciation for the efforts of the work team and the contributions made by its members, which translated the leadership’s vision into tangible achievements, and were the reason for enabling the center to overcome a difficult period that the world faced during the last period, wishing the team more success in creating the best environment Work possible and meet all the needs of the center's evolving community.

attract investment

In addition, the Governor of the Dubai International Financial Center, Issa Kazim, said: “Dubai’s economy was able to recover more quickly, compared to many global economies in the wake of the repercussions of the (Covid-19) pandemic,” noting that the financial center played an important role in stimulating these developments. The new phase of growth with its significant contribution to Dubai's GDP.

He continued, "In 2022, we will focus on advancing the future economy by attracting more financial sector investments to the UAE."

amazing achievement

In turn, the CEO of the Dubai International Financial Center Authority, Arif Amiri, said that the center performed exceptionally during 2021, and succeeded in achieving the growth targets set in its 2024 strategy three years ahead of schedule.

He added: “This is an impressive achievement for any global financial center in light of the current global macroeconomic environment.

We expect this approach that we are adopting to help Dubai establish itself as a global center for technology and innovation, as well as cement our position as the leading financial center in the region.”

Center staff

It is noteworthy that the number of DIFC employees rose by 11% to 29.7 thousand, registering a net increase of about 3000 employees, the largest in more than 10 years.

These positions represent a workforce made up of highly skilled employees from around 150 different nationalities.

Maktoum bin Mohammed:

• «The record performance of the Dubai International Financial Center embodies the great balance of confidence that it has established in the financial and business community locally and globally».

• "Dubai's possession of a flexible and developed economy based on innovation has enabled the Dubai International Financial Center to complete the process of growth and development."

The best in the world

Among the list of 3,644 registered companies, the DIFC hosts 17 out of the top 20 banks in the world, 25 out of the 30 most important banks of systemic importance globally, five out of the top 10 insurance companies, and five out of Top 10 companies in the field of asset management, and other law firms and consulting firms.

Banking assets

The total value of banking assets booked in the Dubai International Financial Center increased to reach $198.5 billion compared to about $189.4 billion in 2020, an increase of 5%.

The total lending operations conducted by the financial center companies also increased, reaching 108.1 billion dollars, compared to 64 billion dollars in the previous year, an increase of 69%.

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