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DIFC Reports Strong Growth In H1 2017

by Lorys Charalambous, Lowtax.net, Cyprus
01 August, 2017

The Dubai International Financial Centre has reported strong results for the first half of 2017.

The DIFC is a free trade zone located in Dubai, which offers a number of perks to firms, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.

The Centre saw a 6.2 percent expansion in the number of incorporated companies to 1,750, including 463 regulated financial institutions. The DIFC workforce has increased to 21,628 professionals and an additional 144,000 square feet of commercial space has been leased.

The DIFC has also reported significant progress towards enhancing its physical, legal, and regulatory infrastructure. This includes the launch earlier in the year of "FinTech Hive," which is intended to connect cutting-edge technology companies in the financial technology space with leading financial institutions to drive innovation.

The DIFC says initiatives such as FinTech Hive, coupled with steady growth, put the Centre on track to achieve the targets set out in its "2024 Strategy", which will see the DIFC triple in size and rank within the top 10 financial centers globally.

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