UAE: DIFC aims to triple in size by 2024
Source: Middle East Insurance Review | Jul 2015
Dubai International Financial Centre (DIFC) is poised to grow three-fold over the next 10 years through a four-pronged strategy that includes deepening core client synergies, enhancing infrastructure, increasing the availability of skilled staff, and stepping up access to the South-South trade corridor.
Under the new strategy, the DIFC aims to become one of the top 10 financial centres in the world. It plans to increase the number of active domiciled financial firms to 1,000 by 2024, up from 362 last year, and boost assets under the management to an estimated US$250 billion from $10.4 billion over the same period.
The DIFC said it expects financial firms to strengthen their balance-sheets by an estimated $400 billion, compared to $65 billion in 2014, by enhancing liquidity to fuel future growth. In addition, the free zone expects the combined workforce of DIFC-registered companies to grow from 17,860 to 50,000 over the next decade.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, said the experience and confidence gained by DIFC over the past decade qualifies the Centre today to offer new dimensions to the legislative, financial and investment ecosystem in order to sustain the growth and prosperity of the national economy, as well as local and international partners.
He added: “In our strategy for the next 10 years, we look forward to stimulating and driving our collective aspirations to enter a new phase of leadership, in a way that puts us at the forefront of financial centres on the global landscape.”
The DIFC also aims through its 10-year strategy to align its goals and Dubai Plan 2021, to reinforce its position as an international centre for legislative and Islamic financial services.