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DIFC Posts 14 Percent Growth In 2013

by Lorys Charalambous, Lowtax.net, Cyprus
07 February, 2014

Dubai International Financial Center (DIFC), a financial free zone, announced on February 02, 2014 that it had 1,039 active registered companies as of December 31, 2014, a 14 percent increase from a year earlier.

According to the announcement 55 active financial services and 103 non-financial services firms registered last year, bringing the total to 327 and 565 respectively by the year-end.

The combined workforce of DIFC-registered companies is currently 15,600, representing 11 percent growth over 2012.

DIFC also noted that there is greater diversification in its retail portfolio, with 40 new outlets offering a range of services registered within the last year, taking the total to 145 active retailers.

Essa Kazim, Governor of DIFC and Chairman of DIFC Authority, remarked: "2013 was a year of significant growth and development for Dubai as a whole, with the UAE being awarded the Expo 2020 bid win, the initiative to move towards an Islamic Economy, and the MSCI upgrade of the UAE to 'emerging market' status. These trends were also reflected within DIFC and in its sustained efforts towards becoming a global financial hub for the region."

Jeffrey Singer, CEO of the DIFC Authority, said: "In 2014 we will concentrate on the development of new markets such as Islamic Finance, Capital Markets, family businesses and growth markets such as Africa, providing additional business opportunities to firms based both within DIFC and the wider region."

DIFC has a highly attractive tax and regulatory regime, offering firms 0 percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls and a legal system based on English common law.

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