DIFC sees 25% rise in new company registrations in 2024, total reaches 6,920
The number of companies in the Dubai International Financial Centre (DIFC) grew by 25% in 2024, reaching 6,920. This growth was mainly driven by the technology and innovation sector.
Full-Year Performance
In 2024, 1,823 new companies registered with DIFC, the highest number in one year since it started. DIFC’s total revenue reached $484.6 million (AED 1.8 billion), growing by 37% compared to the previous year. Its operating profit also increased by 55% to $362.1 million (AED 1.3 billion).
The technology and innovation sector grew the fastest, helped by the launch of Campus Dubai AI. The number of tech firms in DIFC increased by 38%, reaching 1,245 companies in 2024.
New and existing businesses also created more jobs, increasing the total workforce by 10% to 46,078 people.
DIFC continued to attract major financial firms last year, including All Funds, Ask Wealth Advisors, Bank of Communications, Blue Crest, Blue All, Capricorn Fund Managers, China Taiping Insurance, CMB International Securities, Damon Asia Capital, Edmond de Rothschild, Roxton Insurance & Reinsurance, and State Street Global Advisor.
DIFC launched two key initiatives to speed up AI adoption. Campus Dubai AI has become the biggest hub for AI and Web 3 companies in the region. The Dubai AI License, introduced as part of this effort, gained strong interest from tech companies worldwide. In just six months, over 120 firms secured this license, surpassing the first-year target of 75.
Commercial spaces in DIFC are almost fully occupied, with a 99.8% occupancy rate.
Key Numbers
DIFC hosts the largest financial firms in the region, including:
- More than 260 banks and capital markets firms
- 410 wealth and asset management firms (including 75 hedge funds)
- 125 insurance and reinsurance companies
Wealth Management
Dubai has a key position as a hub for financial companies looking to access the region’s 40 sovereign wealth funds. It also has the highest number of wealthy individuals in the Middle East.
DIFC’s wealth and asset management sector is growing fast. By 2024, 410 firms were operating in the center, an increase of 60 firms (16% growth).
The alternative investment sector is also expanding quickly. DIFC now has 75 hedge funds, 48 of which manage over $1 billion each. DIFC is already among the world’s top ten hedge fund hubs and aims to be in the top five soon.
Family businesses in DIFC also saw strong growth, increasing from 600 in 2023 to over 800 in 2024 (a 33% rise).
By the end of 2024, 120 of the wealthiest families and individuals in DIFC managed more than $1.2 trillion globally. The number of incorporation structures also grew by 51% to 671.
Published: 19th February 2025
Also Read:
How To Use Aloe Vera For Clear, Acne Free Skin
Luberef’s revenue rose 5.8% to $2.7B, but profit fell
Kuwait moves closer to passing law to borrow from global markets
