UAE: More than 1,500 companies now based in DIFC
Source: Middle East Insurance Review | Oct 2016
DIFC has reached another milestone of crossing over 1,500 firms, with 1,539 companies now based in the Centre. A total of 143 new companies joined DIFC in the first half of the year alone, representing a 16% growth over the same period in 2015.
During the first half of 2016, the Centre welcomed its first Indian reinsurance firm, HDFC International Life and Re Company Limited, to its portfolio, along with leading Kuwaiti asset management firm, KAMCO Investment Company, which established its first international office in DIFC. Newly registered firms also included HSBC, Ahli United Bank Limited and Bank of Palestine.
The 1,539 active firms in the Centre are made up of a record 425 financial services firms (an increase of 11% on this time last year), 914 non-financial firms (a 22% increase on this time last year) and 192 retailers (2% increase on this time last year), taking a further 81,300 square feet of leased space.
These global firms come from around the world with 33% from the Middle East region, 18% from the EU, 15% from the UK, 12% from the US, 12% from Asia and a further 10% from elsewhere in the world. Overall, there are now 21,000 employees working in the DIFC-based firms, an important landmark as the Centre looks to target 50,000 employees by 2024, meaning 42% of the target has been met.