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Dubai: More than 5,500 jobs created by startups in DIFC – News


Published: Thursday February 15, 2024, 12:21

Last update: Thursday, February 15, 2024, 2:43 p.m.

Last year, companies in the Dubai International Financial Center created around 5,514 new jobs, an increase of 15 percent from the previous year.

The number of people working in the largest regional financial free zone rose from 36,100 in 2022 to 41,597 last year thanks to a strong influx of new companies. The free zone has created almost 16,000 jobs since 2019.

The total number of active companies in DIFC increased to 5,523 in 2023, an increase of 26 percent year-on-year. It recorded the highest annual number of new registrations with 1,451 new companies, a year-on-year increase of 34 percent.

Their combined revenue grew 23 per cent to Dh1.3 billion, while operating profit rose 27 per cent to Dh859 million last year.

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“As DIFC continues its journey of success, its accelerated growth trajectory is perfectly aligned with the Dubai Economic Agenda (D33) objectives of doubling the size of Dubai’s economy over the next decade and reinforcing its status as a of the three most important cities in the world. for business and investments. DIFC is focused on expanding and deepening its group of growth-stage financial services companies and innovation businesses,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and president of the DIFC.

In terms of geographical distribution of the companies, 52 percent of them came from MEASA, 15 percent from the United Kingdom, 11 percent from the United States, 10 percent from Europe and 12 percent from other countries.

The startups include several global powerhouses such as Alliance Bernstein, Brevan Howard, Edmond de Rothschild, Farro Capital, Hudson Bay Capital, Nomura Singapore, The Family Office Company and many others.

The total number of active companies related to finance and innovation in the Center now stands at 1,674, up from 1,369 in 2022, a growth of 22 percent. During 2023, 316 fintech and innovation firms established their offices, bringing the net total to 902.

“DIFC’s performance in 2023 reflects the Centre’s position as the region’s leading global financial centre, central to Dubai’s economic agenda,” said DIFC Governor Essa Kazim.

The financial center is currently home to 350 wealth and management companies, mainly from the GCC, Europe, the United Kingdom and the United States. There are currently 50 funds operating in the free zone, including 15 established last year.

“The hedge fund portfolio is very strong,” Kazim said during Thursday’s press conference.

As of the end of 2023, DIFC enjoyed more than 99 percent commercial and retail occupancy. Last year it recorded more than 12 million views, while its DIFC Living project sold out within 48 hours of its launch, reflecting the demand for the project.

“This region is growing faster than other regions. They still face challenges in combating inflation, while this region, with oil prices around $80 per barrel, is above the government’s breakeven point for the region. Therefore, the prospects are promising as DIFC has been able to attract companies from all over the world,” he stated.


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