Dubai’s financial hub, the Dubai International Finance Centre (DIFC), has reported a 25% increase in net profit for 2017, from $79 million to $99 million.
The recently published results also included a 12% jump in the number of registered companies to 1,853 thanks to a 315 new registrations in 2017.
The DIFC has praised the record results as an affirmation of its status as the leading financial hub in the MENA region. By 2024, it aims to increase the number of active financial firms to 1,000 and the combined workforce to 50,000. So far there are 473 registered financial services firms and a workforce of 22,338.
The DIFC also launched a $100 million investment fund designed to attract financial technology firms.
Combined revenue in 2017 was $221 million while total assets grew by 15% in the last 12 months to $3.55 billion. The DIFC leased an extra 384,200 square feet of office space and added to its infrastructure with a number of new constructions including the Gate Avenue at DIFC and Exchange buildings.
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