DIFC adds 3,000 jobs as worldwide appeal grows

Reuters

• 5,000 businesses operating in DIFC in first half of year
• Occupancy at Dubai’s financial hub is 99%
• Over 600 international firms now operate there

Over 3,000 new jobs were created at Dubai International Financial Centre (DIFC) during the first half of 2023 as 661 companies joined.

The total number of firms operating there rose from 4,031 to 4,949 at the end of June, a year-on-year increase of 23 percent. 

Its fintech and innovation sectors grew 35 percent from 599 to 811. 

• UAE takes on New York and London in attracting hedge funds
• Dubai’s DIFC aims to forge new ties with reopened China
• Value of claims at DIFC Courts surges 692% in H1 2023

The number of employees in the DIFC grew by 3,057 to 39,140, up 20 percent, as the first six months of the year saw high demand for commercial space. 

DIFC leased more than 233,000 sq ft commercial space and occupancy rates stood at 99 percent.

Sheikh Maktoum bin Mohammed bin Rashid al Maktoum, president of DIFC, hailed the “exceptional performance”.

He said DIFC has not only propelled Dubai’s development into a global financial hub but also helped to create “new spirals of growth” in the wider region. 

Sheikh Maktoum added that the DIFC would contribute to the emirate’s “efforts to open new horizons of sustainable development and unlock the potential of advanced financial technologies”.

“Dubai is poised to emerge as an even more influential force in shaping the world’s financial landscape,” he said.

During the first half of the year, the number of international firms surpassed 600 for the first time. 

The influx of hedge funds continued, further raising DIFC’s reputation as a global centre for alternative investments. 

New firms joining include Asia Research and Capital Management Ltd, Edmond de Rothschild, EnTrust Global, Hudson Bay Capital, King Street Capital, Nomura Singapore, St James’s Place and Verition Fund Management.