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| DIFC Announces Strong Growth In 2010 |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, September 03, 2010
The Dubai International Financial Centre (DIFC), in a statistical update on August 31, has announced strong performance thus far in 2010.
Ahmed Humaid Al Tayer, Governor of the DIFC, said: "Since its inception
in 2004, the DIFC has grown to become one of the world's top international financial
centres connecting the Middle East, Africa and South Asia (MEASA) region and the world. Today, the DIFC with its
modern infrastructure, free zone status and self-governing laws and courts,
is globally recognized as the preeminent and favoured financial centre in the
region.”
He added: "While the DIFC continues to evolve, we have achieved a very encouraging
performance so far this year, especially in light of the global economic backdrop
of the last two years.”
Salient achievements in 2010, as cited by the DIFC, include that:
- Despite the downturn, the overall number of active registered companies
operating from the DIFC has remained constant at 745, meanwhile new companies
have been registered from emerging markets such as China, Malaysia and the
Indian subcontinent;
- Major international financial institutions are expanding their regional
footprint using the DIFC platform;
- The DIFC continues to enhance its regulatory environment, including with the introduction of new changes to the DIFC's Collective Investment Funds regime.
- Occupancy of the DIFC's Gate District (Gate Building, Gate Precinct and
Gate Village) remains high at 92% of the leasable space. Meanwhile, the DIFC
has recorded an annualized growth rate of 20% in terms of additional office
space leased in DIFC.
In particular, in its analysis of developments during 2010, the DIFC noted
recent recognition of Dubai as one of the world's top 25 international financial
centres. "At the same time, and for the 7th time in a row, Dubai maintained
its status as the leading financial centre between Europe, Singapore and Hong
Kong,” the DIFC said.
Awar continued: "Within five years of launching, the DIFC has achieved what it was established
for. We are now embarking
on a new phase of growth and continue to act as a gateway. We will continue to attract new companies
to the Centre, as evidenced by the strong pipeline of companies and applications
currently being processed. We will also continue to develop the DIFC's legal
and regulatory framework and its physical infrastructure to enhance the support
the DIFC provides for the economic growth of the region."
The DIFC community comprises of 745 active registered companies, with 297 regulated
and 374 non-regulated companies, and 74 retailers. Currently, 16 of the world's
top 20 banks have established a presence at the DIFC; meanwhile 8 of the world's
largest asset managers, and 4 of the 5 world's largest insurers, are also based
at the DIFC. Approximately 40% of the regulated firms
come from different parts of MEASA; 42% from across Europe; and 18% from the
US and rest of the world.
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