250 companies in Dubai International Financial manage assets worth $450 billion

Aref Amiri: «(Dubai International Financial) enjoys an operational environment and leading legal and regulatory frameworks in the sector in line with the best international standards».

The CEO of the Dubai International Financial Center Authority, Aref Amiri, confirmed that the center has become a major engine for economic growth in Dubai and the country, with its contribution of about 5% of the value of the nominal GDP of the Emirate of Dubai.

He revealed that the center is the largest in wealth and asset management in the region, with more than 250 companies managing assets worth more than $450 billion, and more than 100 international funds operating locally.

global hub

Amiri said that, according to estimates, the contribution of financial companies that operate from the center in the financial services sector in the country exceeds 13% of the nominal GDP of the Emirate of Dubai during the year 2021, stressing that the center is currently one of the most prominent financial centers in the world, and the financial center The leader in the Middle East, Africa and South Asia region comprising more than 72 countries with a population of nearly three billion and an estimated GDP of eight trillion dollars.

He pointed out that the center maintained its position among the global financial centers, as Dubai ranked first in the Middle East and among the 20th in the world on the Global Financial Centers Index for the year 2022, issued by the British “Zed Yin” Foundation and the China Development Institute, an indicator that studied the performance of 119 financial centers. around the world, stressing that the Dubai International Financial Center is one of the most advanced financial centers in the world, in addition to being the largest financial system in the region.

He added that among the 4,031 companies registered in the Dubai International Financial Center, the center hosts 17 of the top 20 banks in the world, 25 of the 30 most important banks of systemic importance globally, five of the top 10 insurance companies, and five Among the top 10 companies in the field of asset management, and many other international law and consulting companies.

Money and innovation

Amiri stated that the Dubai International Financial Center enjoys an operational environment and pioneering legal and regulatory frameworks in the sector that are in line with the best international standards, in addition to the abundance of innovative offers and the depth of its administrative system, which contributed to the success of the center in attracting 1252 related companies specialized in the financial sector and innovation, while the six months witnessed For the first time from last year, the number of financial technology companies and innovation companies registered in the center increased to 599, with an annual increase of 23%.

Strategic location

He stressed that the center's strategic location helps wealth and asset managers access emerging wealth in the fast-growing markets in the Middle East, Asia and South Africa, as the center provides them with direct access to institutions and high-net-worth individuals who are looking for traditional or alternative investment products. The Center is an attractive jurisdiction for wealth and asset management companies, as it combines an internationally recognized and independent public law system with a strong regulatory environment.

The CEO of the Dubai International Financial Center Authority indicated that the center introduced and updated the laws and regulations in force, with the aim of strengthening its position, as it included incorporating amendments to the data protection law to ensure that its regulatory framework is compatible with the best international practices adopted.

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