The number of insurance and reinsurance companies based in the Dubai International Financial Centre (DIFC) has grown to 125 companies, up from 110, the centre has reported in its results for the first half of 2024.
An international financial hub in the Middle East, Africa and South Asia (MEASA), Dubai-based DIFC fosters business and cultural growth.
The centre has reported “outstanding” growth in H1 2024, with a total of 820 new companies also joining DIFC in this period. This resulted in over 6,000 active companies registered with the DIFC, a first for the centre.
Additionally, the centre’s FinTech and Innovation firms grew by 33% year-on-year.
DIFC companies continue to attract talent from across the world and created 4,647 new jobs during the last 12 months. The total workforce now stands at 43,787.
Joining the 125 new re/insurance companies based in the DIFC are over 370 wealth and asset management firms, including more than 50 pure play hedge funds that originate primarily from the GCC, Europe, UK and the US.
Assets Under Management in DIFC have also increased going up 58%.
The centre aims to accelerate AI adoption with its recently launched Dubai AI Campus at the DIFC Innovation Hub, which will also support the DIFC’s next phase of growth.
The Dubai AI Campus offers dedicated co-working spaces to tech start-ups, including AI businesses, of which 75 businesses are already operating there. Phase two, which will see the campus expansion, is set to attract 500 companies and create 3,000 jobs by 2028.
In order to bring further confidence and market certainty to both FinTech and digital asset classes, the DIFC introduced some of the world’s most innovative laws, including the world’s first Digital Assets Law.
