Dubai – Mubasher: Dubai International Financial Centre (DIFC) on Tuesday reported an 11% year-on-year increase in profits for the full-year 2018.
Net profits, excluding fair value (FV) gain on assets, recorded $88 million (AED 323 million) in 2018, compared to $79 million (AED 290 million) in 2017, the centre said in a statement.
“The success of 2018 demonstrates that DIFC is clearly on track for our ambitious 10-year strategy to triple in size by 2024. Over the last 15 years, we have achieved the scale, flexibility and sophistication of the world’s most advanced financial ecosystems, bolstered by Dubai Financial Services Authority, our internationally recognised regulator, and the Dispute Resolution Authority, our platform for delivering legal excellence in the Middle East,” Essa Kazim, chairman of DIFC, commented.
During the 12-month period ended 31 December 2018, DIFC brought a number of new company registrations to a record high of 437, the highest since the centre’s inception in 2004.
Accordingly, the number of registered companies increased by 15% year-on-year, as active registered firms hit 2,137 by the end of 2018, against 1,853 in 2017.
Moreover, the centre has also attracted an influx of local and international talent with 1,226 new jobs created, bringing the size of the centre’s workforce to 23,604 professionals by the end of 2018.
“We have seen increased momentum across all our key sectors, and particularly in FinTech, wealth management and aviation financing, all benefitting from the evolving legal and regulatory environment we offer. The new partnerships we have forged around the world, and the existing relationships we have strengthened, ensure the transfer of knowledge and continuous development of human capital in the region, which remains a priority for us in the year ahead,” Arif Amiri, CEO of DIFC, added.
