GWP for the insurance entities at the DIFC reached nearly $2bn in 2019, representing a growth of 17.4% over 2018, a statement from the centre said.
In addition, DIFC’s wealth and asset management (WAM) industry was worth $424bn, of which $99bn was invested by DIFC portfolio managers.
At the end of 2019, total banking assets booked in DIFC stood at $17bn, up by 13% from 2018. An additional $99bn of lending was also arranged by DIFC firms.
DIFC also announced that the number of firms in the centre reached 2,437 at 31 December 2019, an increase of 14% from 2018.
In total, the centre is home to 737 active financial firms, representing an 18% increase since 2018, and 64% growth in five years.
The DIFC, which attracted a record-breaking 493 new businesses in 2019, now counts among its clients 17 of the world’s top 20 banks, three of the top five insurers, six of the top 10 asset managers and eight of the 10 leading global law firms, according to an official statement.
The sustained growth has ensured that the centre continues to attract local and international talent. The DIFC contributed to the creation of 2,034 new jobs, increasing the combined workforce to more than 25,600 professionals, up 9% compared to 2018, representing more than 140 nationalities.
In 2019, DIFC signed seven new strategic partnerships with international entities including the Chartered Insurance Institute, Harvard Business School Publishing Corporation and The Protocol School of Washington. DIFC Academy now enjoys agreements with 26 leading educational institutions and government entities. M