RIYADH: With more than 250 companies worth over $450 billion, Dubai International Financial Centre has become the largest wealth and asset management center in the world, said the CEO of DIFC Arif Amiri.
Calling it a major engine for economic growth in Dubai and the UAE, he revealed that the center contributes about 5 percent of the value of the nominal gross domestic product of Dubai.
Amiri stated that DIFC has maintained its leading position among global financial centers, as Dubai ranked first in the Middle East and among the top 20 globally on the Global Financial Centres Index for 2022.
In an interview with the Emirates News Agency, WAM, Amiri said that the contribution of financial companies operating from DIFC to the financial services sector in the country exceeds 13 percent of the nominal GDP of Dubai during the year 2021.
Among the 4,031 companies registered in DIFC, the center hosts 17 of the top 20 banks in the world, and 25 of the 30 most important banks of systemic importance globally. It is also home to five of the top 10 insurance companies, five of the top 10 asset management companies, and many other leading law and consulting companies at the global level.
He stressed that DIFC enjoys a pioneering operating environment and legal and regulatory frameworks that are in line with the best international standards.
The center attracted 1,252 related companies specialized in finance and innovation. This comes as the first six months of 2022 witnessed an increase in the number of financial technology companies and innovation companies registered in the center to 599 companies, registering a year-on-year increase of 23 percent.
Amiri pointed out that the center’s strategic location helps wealth and asset managers access emerging wealth in the fast-growing markets in the Middle East Africa and South Asia region.
He concluded by saying that the center will continue its leading role in defining the parameters of the sector by launching initiatives that are consistent with its strategy for the year 2030.