Tuesday, April 23, 2024
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Tuesday, April 23, 2024
Today's News

DIFC posts record growth in 2022; revenue tops AED1bn

DIFC posts record growth in 2022; revenue tops AED1bn

Dubai International Financial Centre (DIFC) has reported a record-breaking development in 2022 with the number of energetic licensed firms rising 20 per cent from 3,644 in the previous year to 4,377 in 2022.

Brand-new companies signed up in DIFC in 2022 exceeded the yearly landmark of 1,000 for the very first time in the Centre’s history with 2022 seeing a total of 1,084 new companies.

In 2022, DIFC’s mixed income went beyond AED1 billion ($ 272 million) for the very first time. The Centre tape-recorded an earnings boost of 18 per cent year on year to get to AED1.06 billion from AED 897million in 2021. Operating revenue for 2022 boosted 19 per cent to AED679 million from AED573 million in 2021. Overall assets went across AED15.3 billion, reflecting DIFC’s strong economic placement.

HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Deputy Prime Minister and Preacher of Finance of the UAE; and President of the Dubai International Financial Centre, said: “DIFC’s growth considerably adds to the goal of the Dubai Economic Schedule D33 to transform Dubai right into one of the world’s top three cities for business.”

The 2022 results additionally reflect the expanding need for a supportive community from global services aiming to scale right into arising economic situations with high-growth financial services markets, he kept in mind.

” With monetary modern technology ending up being an essential development driver throughout industries, the UAE’s ambitious initiatives to drive the future of finance will develop immense opportunities and new economic development not just in our region but additionally across the globe,” he added.

In 2022, the Centre also tape-recorded its best ever efficiency in added web industrial area leased with 809,000 sq ft rented in 2022, compared to 349,000 sq ft in 2021.

Overall financial assets scheduled in DIFC were stable at $199 billion. An additional $166 billion of financing was additionally set up by DIFC companies, up 54 percent. As an international hub for arising market Riches as well as Possession Monitoring, DIFC portfolio managers invested $164 billion in 2022 contrasted to $151 billion in 2021. Venture Capital elevated boosted to $1.2 billion, up by 78 per cent. Gross Written Costs for the insurance coverage market got to $2.1 billion, increasing from $1.8 billion in 2021.

DIFC-based FinTech and also Advancement firms drew in over $615 million in 2022. FinTech and also Development came to be the fastest expanding industry in DIFC with 291 brand-new customers. An overall of 686 Fintech as well as Advancement companies, ranging from startups to worldwide unicorns, are currently based in DIFC.

A total of 1,369 financial as well as advancement related entities are currently energetic and also operating within DIFC, up 22 percent from 2021, while 291 brand-new FinTech and also innovation firms joined in 2022 taking the overall to 686, a rise of 36 per cent.

The number of Dubai Financial Services Authority (DFSA)- controlled financial entities grew to 590 with 89 regulated economic service companies authorised in 2022, up from 51 in 2021.

Essa Kazim, Guv of DIFC, commented: “Dubai’s economic situation continues to grow and DIFC is honored to be a noteworthy factor to the emirate’s GDP and also a crucial developer of work. The UAE’s internationally recognised monitoring of the pandemic, strategic investment as well as business-friendly architectural reforms, long-lasting residency plans, and also innovation-friendly regulative structure have actually assisted attract business ability from every corner of the world.

” Our emphasis in 2023 will be to increase the future economic climate by building on our currently strong placement as a favored portal for companies wanting to increase right into and expand within the large Center East, Africa and also South Asia (MEASA) market as well as drawing in even more investment right into the UAE’s economic sector.”

Arif Amiri, President of DIFC Authority, said: “Staying concentrated on supplying our 2030 Technique has suggested DIFC has actually had one more outstanding year. In accordance with our vision to drive the future of finance, DIFC’s extensive FinTech and innovation proposition has produced unparalleled possibilities as well as success for startups, worldwide players and also unicorns. Our client growth remains to be solid throughout all industries.

” Nevertheless, we continue to be thrilled by the high numbers of monetary companies and FinTech as well as technology customers that are making use of DIFC as a system to expand faster than the marketplace. We are positive that DIFC’s approach will certainly continue to boost Dubai’s credibility as a center for technology and technology, and also further enhance our position as a worldwide centre for economic solutions.”

Compared to the previous year, there were 69% even more suits sent to the court in 2022.

Greater than QAR 1 billion well worth of instances were settled by the Qatar International Court as well as Disagreement Resolution Centre which saw a massive increase in lawsuits in 2022, according to the Gulf state’s state news agency.

This consists of legal actions including the banking and monetary sectors, claims of agreement violations, debt healing, work conflicts, insurance-related instances, as well as insurance claims of governing offenses.

Talking To Qatar News Company (QNA), Faisal bin Rashid Al Sahouti, Chief Executive Officer of QICDRC, connected the sharp rise in the number of cases submitted with the court to the boost in the quantity of assets managed by the Qatar Financial Centre (QFC), which now completes regarding $28.3 billion, in addition to the rise in the number of QFC-registered companies, which has actually risen to nearly 1,500.

There were 69% more legal actions submitted with the court in 2022 contrasted to the previous year, which the CEO claimed was because of the growth of company activity in the Qatar Free Zones Authority (QFZA) and QFC.

In the very first year of its launch, tiny insurance claims comprised 45% of all claims made, while 90% of all situations were dealt with, in whole or in part, via the digital instance administration system.

Companies are required to carry out QICDRC rulings and orders, like any various other court in the country.

What is the Qatar International Court and Disagreement Resolution Centre?
The QICDRC is mainly comprised of a court with competence in the settlement of civil as well as service conflicts as well as a regulatory tribunal tasked with hearing charms of decisions made by the QFC Authority, the QFC Regulatory Authority, and various other QFC establishments.

The QICDRC was started as the final part of Qatar’s campaign to develop a leading worldwide economic centre. It was planned to progress Qatar’s initiatives to expand its economic situation in accordance with the Qatar National Vision 2030 by drawing in international direct financial investments and also international firms to Qatar.

The court provides a quick and also affordable conflict resolution process to plaintiffs who choose to use it to resolve their conflicts.

Last Updated:  21 February 2023

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