News

DIFC posts record growth for 2017

Dubai International Finance CentreDubai’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. ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.