Centre shows 6% in registered companies, reflecting Dubai?s emergence as a vital hub in the global economy
Dubai International Financial Centre (DIFC), the financial and business hub connecting the emirate?s emerging markets with markets of Europe, Asia and the Americas, announced a steep rise in registered companies.
The DIFC said there had been a 6% increase in the number of registered companies in the first half of 2012, up to 899 from 848 in 2011. Some 90 commercial licences were issued in H1 2012 compared to 64 licences in H1 2011, a year-on-year increase of 41%.
E. Abdul Aziz Al Ghurair, Chairman of the Board of Directors of DIFC Authority said: ?There are promising opportunities for significant expansion of DIFC both in terms of the number of companies operating here and the range of activities in which they are engaged.?
Interest from North America and Europe continued to increase as western multinationals sought to diversify their operations and expand to the east. But DIFC also saw a lot of interest from Middle Eastern and Asian firms looking to increase their exposure to opportunities arising in Africa and the West.
Geographical Diversity
The geographical diversity of the Centre?s total number of regulated companies indicates DIFC?s growing status as a global financial centre. About 36% of regulated member companies come from Europe, 26% from the Middle East, 16% from North America, 11% from Asia, and 11% from the rest of the world.
As it continues to develop its modern and supportive infrastructure, major international firms took up significant additional space within the Centre including ES Bankers, which trebled its presence during the first half of this year.
DIFC remains the financial hub of choice for the world?s leading companies with 17 of the world?s top 25 banks, eight of the world?s ten largest insurers, eight out of 15 top law firms, ten of the top 20 money managers and seven of the top ten consultancies all based in the Centre.
Highly Competitive
This is also underlined by Dubai?s ranking in the Global Financial Centres Index, which tracks competitiveness among 77 international financial hubs. Dubai is ranked the leading financial centre in the region and was also named amongst the top five centres where companies are thinking of opening offices.
A report from the Economist Intelligence Unit commissioned by Citi, entitled Hot Spots ? Benchmarking global city competitiveness, ranked the most competitive 120 cities in the world for their demonstrated ability to attract capital, business, talent and tourists. Dubai was ranked 40 overall and the first in the MENASA region. Dubai was also ranked 10th overall for its financial maturity.
Dynamic Property Market
The Centre?s success is a further illustration of the dynamic expansion of the Dubai economy, which makes the emirate such an attractive proposition for property investors, especially at the luxury end of the market which has grown rapidly. Luxury developers, such as The First Group, will especially thrive. The company?s hotel apartment projects in Tecom, Metro Central and Grand Central, have a sought-after central location in New Dubai.
Source: http://www.911-11.org/business/international-companies-flock-to-dubai-international-finance-centre
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