Dubai International Financial Centre (DIFC) has registered over 200 asset management and global advisory businesses, and is promising more growth.
Fidelity International (FIL Distributors International Limited) was licensed by the Dubai Financial Authority in July, marking a growth milestone for the city which has transformed from what was essentially a small fishing town in the early 1960s, through the 1980s oil boom, and into a diversified finance and real estate hub.
The DIFC’s most recent legislative changes include The Trust Law, and the Foundations Law, both passed in March, the latter aiming to provide greater certainty and flexibility for private wealth management and charitable institutions “in line with international best practice”, the DIFC said.
DIFC chief executive Arif Amiri said major financial institutions now saw Dubai as a platform for accessing investment opportunities and sources across global markets. “
“To date, the centre has seen consistent and significant growth in this field, reflecting the industry’s ongoing confidence in Dubai and DIFC,” Mr Amiri said.
“We expect to see this growth continue as we introduce new regulations to our attractive legislative and business environment in line with our ambitious 2024 Strategy.”
The 2024 strategy’s aim is to treble the number of firms, employees, and assets under management in DIFC over the ten years from 2014.
The number of registered companies and specialist global advisers now sits at over 200, including 13 of the world’s top 25 firms in the sector. DIFC is also home to over 60 significant funds, making it the leading fund domicile in the region.
In the first half of 2018, more than 150 companies were licensed in DIFC, boosting the total number of companies to 2,003, including major financial institutions State Street Global Advisors and Berkshire Hathaway Specialty Insurance.