(MENAFN- Khaleej Times) The Dubai International Financial Centre, or DIFC, announced on Monday that the number of active licensed companies within the hub increased by 6.2 per cent to 1,750 in the first half of 2017.
The number of regulated financial institutions has increased to 463 while the DIFC workforce increased to 21,628 in the first half, the region's most-sought-after financial hub said.
The DIFC workforce is expected to surge as new companies start operations at the centre. An additional 144,000 square feet of commercial space has been leased, it said.
The first half has also seen significant progress made towards enhancing the DIFC's infrastructure - physical, legal and regulatory. The launch of FinTech Hive has created a hub that connects cutting-edge technology companies with leading financial institutions to drive innovation.
"These initiatives, coupled with the DIFC's steady growth, ensures that the centre is on track to achieve the targets set out in its '2024 Strategy,' which will see it triple in size and rank within the top 10 financial centres globally," said a statement.
Essa Kazim, governor of DIFC, said the strong performance in the first half confirmed the centre's position as a leading financial centre for the $7.4 trillion Measa (Middle East, Africa and South Asia) economy.
"The DIFC ecosystem is second to none in this region in terms of business environment, infrastructure, scale and human capital, which allows companies in the centre to thrive. In doing so, the DIFC and its community are supporting the growth of Dubai and asserting its status as the best place to do business in the region. As a financial centre, we remain focused on achieving our strategic aim to triple in size by 2024," said Kazim.
Arif Amiri, CEO of DIFC Authority, said in line with the 2024 strategy, the past six months has seen real progress made towards enhancing the DIFC's physical as well as its legal and regulatory infrastructure. "This underlines the centre's role as a robust platform with reliable modern infrastructure, enabling companies to transact business in the Measa region from their regional headquarters in Dubai."
The first half of 2017 featured a number of major projects and initiatives that will enable the DIFC to maintain the competitive advantage it provides to its business community, enabling it to access business opportunities throughout Measa.
The DIFC's infrastructure expansion took a leap forward in the first half of 2017 with major progress being made on its two large development projects - the Dh1 billion Gate Avenue at DIFC and the Dh180 million Exchange Building.
The Gate Avenue at DIFC, which is on track to open in 2018, connects all elements of the centre's master plan. Upon completion, it will link the podium levels of all buildings located in the DIFC, from the Gate Building to Central Park Towers. It will enhance the DIFC's position as a 24/7 destination with over 200 dining, boutique, retail and entertainment options, as well as a new mosque. The Gate Avenue at DIFC will span across 660,000 square feet of built-up area and 880 metres in length.
The DIFC's new Exchange Building will top out in the middle of August and work is on schedule for the completion of the building in the first quarter of 2018. The latest addition to DIFC Gate Village will provide 147,000 square feet of leasable space.
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Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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