DIFC posts 18pc growth in companies

DIFC posts 18pc growth in companies

DUBAI, 23 hours, 54 minutes ago

Dubai International Financial Centre, a leading financial hub connecting the Middle East, Africa and South Asia (Measa) markets with the economies of Europe, Asia and the Americas, has posted an 18 per cent growth in the number of active registered companies.

More than 240 new companies were licensed during the last year, compared with 199 new companies that were licenses the previous year, representing an increase of 22 per cent, said a statement.

The total workforce in the centre rose 14 per cent during 2014 to 17,860 people, from 15,600 at the end of 2013. The number of net new jobs created in 2014 was 42 per cent more than the net new jobs created in 2013.

The net additional leased commercial office space increased 15 per cent, reaching 282,000 sq ft in 2014, versus 245,000 sq ft in 2013.

The growth in new companies means that on average, DIFC granted license to one new company every working day of the year.  Only the boom year of 2008 registered a higher number of new company licenses.

The total net new commercial office space leased during the year was also one of the highest on record and represented the equivalent of leasing all of the office space available in the Gate Building.

Essa Kazim, governor of DIFC and chairman of DIFC Authority, said: “These results demonstrate that Dubai International Financial Centre continues to be the destination of choice for regional and international financial services firms looking to access the growing opportunities available in the Middle East, Africa and South Asia. DIFC also facilitates the continued development of South-South trade and investment.

“DIFC is the only centre in this broad region of more than 2.8 billion consumers that not only offers a tested, world-class legal and regulatory regime, but also a globally connected, highly rated financial services environment, a deep pool of talent and expertise, and an attractive business environment and broader city that appeals to global financial professionals.”

The demand for DIFC-owned and managed office and retail space remained strong during last year, with occupancy remaining at nearly 100 per cent.

Reflecting this, DIFC’s fourth Business Centre opened in November, and by December, all 11,000 sq ft of serviced and furnished offices had been leased. The Business Centre is located in Gate Village Building 2. – TradeArabia News Service

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