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The Dubai International Financial Center (DIFC) continued to contribute to the growth and prosperity of the UAE economy and its commitment to shaping and securing the future of the financial sector with solid performance over the course of the year. of the first half of this year. The Center has experienced sustained growth in the first half of 2019. It has welcomed more than 250 new companies, bringing to 2289 the total number of companies registered and registering a 14% increase over the previous year. . This has helped create more than 660 jobs, bringing the total number of employees to over 24,000 employees, bringing the occupancy of 99% in DIFC-owned buildings.
HH Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, deputy ruler of Dubai and chairman of the Dubai International Financial Center (DIFC), said Dubai continues to build its reputation as a global hub for trade and innovation and that DIFC was strengthening its efforts. In the first half of 2019, the Center established the trust established by the international financial institutions in Dubai. It stated that its expansion was in accordance with the fiftieth document issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Sovereign of Dubai, Strengthens Dubai's sponsorship role A major event for companies around the world to access opportunities in the region.
The financial center now has more than 671 companies linked to the financial sector, after an increase of 11% compared to the same period of last year. Financial services companies that joined the center in 2019 include Maybank Islamic Bank of Malaysia, Cantor Fitzgerald in the United States, Atlas Wealth Management and Mauritius Commercial Bank. In addition, non-financial companies joined the center in the first six months of 2019, such as Guide Point Middle East and Africa, Medtronic Finance Hungary and Network International.
Rehabilitation of the next generation
"Since its inception in 2004, DIFC has maintained its leading position in the financial services industry as the premier specialized center in the Middle East, Africa and South Asia region. Its advanced approach thanks to its distinguished legislative and legal framework, as well as the development of its comprehensive operational system.The Center plays a key role in leading the transformation and development of the financial sector, supporting the growth of the economy. of the country and the rehabilitation of the next generation of professionals in this field. "
Leading the future of the sector
In response to DIFC's strong demand from financial institutions worldwide, the financial center launched in 2019 new plans to expand to support the future of the UAE and Dubai economy, which will triple its reach and strengthen its efforts to achieve the ambitious vision of the emirate. While ensuring the diversification and development of the financial services sector in the region. The new expansion will be a major hub for financial technology and innovation companies, reinforcing the Center's reputation as one of the most sophisticated financial centers and Dubai's position as one of the top ten in this type of business, according to the Financial Times magazine. The financial situation has seen a significant increase in the number of companies making up the financial technology system, from 80 to 200 companies in the last six months, while the number of companies licensed has gone up from 35 to more than 80 companies in the first half of 2019. The list of companies The financial technology registered with the Dubai International Financial Center (DIFC) as the headquarters of its operations in the Middle East, Africa and Asia. South is Finnirgo, headquartered in Dublin, Dublin, and Charles Taylor, Insurtech's leading technology provider in the insurance industry, "Vandad b J Mai" Sweden.
Focus on innovation
Arif Amiri, Director General of the DIFC Authority, said: "We continue to consolidate our global position as a central economic and financial hub in the region, with significant progress in achieving our goals in the of the 2024 Strategy of the Center. " Our focus on innovation and technology will provide us with an important platform for sustainable growth While continuing to lead the future of the financial sector, we emphasize that transforming our offerings into lifestyles and Strategic investments in technology and financial technology will strengthen our confidence in the importance of financial position of major financial centers. In the world, it remains a destination of choice for living, working, entertaining and doing business. "
The Center has received more than 425 requests to participate in the third edition of the Dubai International Financial Center's Business Accelerator program by new companies operating in the areas of financial technology services, Islamic banking technology, technology, and financial services. insurance and various areas of financial services technology. An increase of 42% over the number of entries in the 2018 version. This is a tripling from the first version of the program in 2017, which demonstrates the rapid development this sector and the unique position of Dubai and the Dubai International Financial Center. An emerging and specialized financial services technology company seeking to establish and strengthen its presence in the region. Nearly half of the registration applications received in 2019 came from the Middle East, Africa, and Southeast Asia.
Thirty-three start-ups were selected after a series of interviews with Vintec Hive's network of partners in the Dubai International Financial Center (DIFC), which has 21 partners, including leading financial institutions, including Islamic Bank of Abu Dhabi, Emirates Bank. Islamic Bank, Emirates NBD, Venabler, HSBC, National Bank of Fujairah, Noor Bank, Bank of Riyadh, Standard Bank, Visa, as well as partners of financial institutions including Arab Bank and Abu Dhabi First Bank.
Develop innovative solutions
Emerging companies in the field of insurance technology will work closely with Fintec Hive's insurance partners within DIFC, including AXA Gulf, Noor Takaful and Zurich Insurance Co. Ltd. (DIFC), Global American Group, Insurance House, Signa Insurance Middle East and Metlive to help these emerging companies develop innovative solutions to meet the growing needs of the industry. In addition, in the edition of this year's program, finalists from companies in the financial technology and insurance technology sector will be supported by the Dubai Economic Development Center as a strategic partner and Etisalat as a partner in the digital transformation. In recognition of its strong commitment to support financial technologies in the region, the Dubai International Financial Center (DIFC) organized the first day of the opening session of the Boot Up Boot Camp program in April 2019. In collaboration with HSBC and Mashreqbank, The first group of 10 emerging technology companies has graduated from various countries, including the United Arab Emirates, Singapore, the United Kingdom, Greece, France, Thailand, Ghana, Morocco, the United States, and the United States. Ukraine and the Czech Republic.
Global Accelerator Programs
The burgeoning community of DIFC financial technology companies has a strong relationship with a number of global acceleration programs, which are further strengthened by ongoing mandates and partnerships. During the first half of 2019, the Center entered into four memoranda of understanding, one of which provided for an agreement with the Mohammed Bin Rashid Institution for the development of SMEs, to support the business sector. United Arab Emirates entrepreneurship and promote the national innovation program, Vintec (Saudi Arabia), Vientec District in Milan and Vientec Istanbul have expanded their network of global centers of financial technology to 14 centers.
In addition, the DIFC has made considerable efforts to improve access to finance by setting up its own venture capital and participation system, as well as by investing directly in promising financial technology companies. In March 2019, the Center announced that Middle East Venture Partners and Wamda Capital would manage $ 10 million of the USD 100 million financial technology fund at the Dubai International Financial Center. To date, the Center has received more than 50 applications from companies operating in various areas of financial technology, including payment solutions, robotics consulting services, Block Chin techniques and customer knowledge platforms (Know Your Customer). ). The number of applications filed between early-stage companies and companies is at a growth stage, reflecting the strong interest shown by emerging companies participating in the program at various stages of the business cycle.
Qualification of human resources
As part of the Center's efforts to support professional development and strengthen human resources in the region, the DIFC Academy has put in place a world-clbad legal and financial education system through strategic partnerships with 26 institutions. academics and government agencies. And programs in finance, commerce, law and two law degree programs to more than 5,500 graduates. The values of knowledge sharing and brainstorming continue to be central to the concerns of the region's largest financial center. The third session of the Dubai International Insurance Conference (DWIC) and the second session of the World Financial Forum (GFF) were attended by over 700 industry leaders in each of these two specialized activities. On the other hand, the World Financial Forum, which saw the number of business leaders double in relation to its inaugural session in 2018, attracted a number of eminent personalities such as former President Sir Jerry Grimstone. Barclays Bank PLC and Mark Mobius, In Emerging Markets.
Price and appreciation
The Dubai International Financial Center (DIFC) is the only free zone to receive the Dubai Quality Award in April 2019. The Dubai International Financial Center (DIFC) is the only free zone to be recognized as one of the major centers. the world over the past 15 years. This award honored the ongoing work and determination of the Center's community to play a leading role in defining the future of the regional financial landscape and in advancing its development and growth. .
In May 2019, Majid Al Futtaim, the first green institutional Sukuk in the world and the first green Sukuk to be issued in the region on the Nasdaq of Dubai, marked a new success in the sustainable growth of its business. Proceeds from the sale will be used to finance and refinance Majid Al Futtaim's existing and future projects, including green building construction, sustainable water management and energy efficiency.
Strengthening the legal and regulatory framework
Since its inception, DIFC has committed to strengthening its legislative infrastructure to give its community access to business opportunities in the Middle East, Africa and South Asia, and to ensure greater stability in its work. In the center. DIFC's legal and regulatory framework is based on the most advanced public law and business climate management in the region and is in line with international standards and practices.
In order to ensure that companies and investors can operate in the region with confidence and efficiency, the DIFC unveiled in June 2019 the implementation of the new law on insolvency promulgated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and ruler of Dubai. . The new law helps to put in place a more efficient system of restructuring bankruptcy cases for DIFC stakeholders.
Employee savings fund
In addition, the DIFC has continued to create an attractive environment that will ensure the continued growth of the strong workforce of 24,000 employees, as well as the protection and balance of needs of employers and employees. To support this vision, the DIFC unveiled in June 2019 a new Labor Code to address key issues such as paternity leave, paid sick leave, end-of-service benefits, and so on. In line with the Center's transformation plan and the general pension fund trend, the DIFC launched the employee savings plan program at the workplace, which will see the development of the end-of-service bonus system. , going from a bonus system to a dues-based system, Volunteer Staff.
The financial center has also revealed a unified and streamlined "company-specific" system, which makes DIFC's structuring and financing processes faster, more flexible and more cost-effective. The new system includes the commercial structures previously provided by the Center, including intermediate and special purpose companies. This has largely contributed to the creation of a wide range of potential companies in the aviation finance sector, as well as the sustained attention of family offices and companies seeking to use these structures to plan their succession.
A vibrant modern life.
432 brands
Today, the center is home to 432 major lifestyle, art, fashion, food and beverage brands, all of which represent 91% of DIFC 's main sales area and will be reinforced by the opening of the entire Jet Avenue. When officially open to the public, the project will provide access to a full range of lifestyles and facilitate connection between the various DIFC buildings, from the Gate Building to the Central Park Towers. The Gateway Avenue community offers a new retail experience spanning over 100 days of arts, culture and health, making the DIFC the perfect destination to combine business and lifestyle.
In the first half of 2019, Hilton Hotels & Resorts announced the opening of the Waldorf Astoria International Financial Center in Dubai. The hotel is located between the 18 and 55 floors of the Daman Tower complex, consisting of 275 rooms, including 46 suites and 28 suites, each offering stunning views of the urban skyline of downtown Dubai. With the Four Seasons and Ritz-Carlton hotels in the DIFC, the total number of hotel rooms available in the center is 722.
In addition, the DIFC has received a number of new restaurants and cafes, including the Mariah Restaurant, which offers New York City-inspired cuisine under the direction of Michelin-starred chef Michelle Michel, and the restaurant. opening of the restaurant inspired Afly by Tasha. Greek cuisine. In March 2019, chef Nusrat Gokchi announced his intention to open the Saltbay restaurant in the center in 2019.
Art work
The Dubai International Financial Center (DIFC) is home to one of the largest art collections of the United Arab Emirates, with sculptures by internationally renowned artists, including Manolo Valdes. The Center is a key platform for launching various arts initiatives, such as the One Mile Show, in partnership with Brand Dubai, the creative arm of the Dubai Government Media Office, which showcases the best works of art in the world. 39, art, local, regional and international designs, innovation and entrepreneurship.
The financial center hosted its seventh art exhibition, Skunky Arts, in the first half of 2019. Founded in Rome in 1977, this exhibition has collaborated with leading artists and international auction houses to showcase collections from around the world. Art to masters of modern and contemporary art, as well as to aspiring artists.
World Clbad Art Events
The Dubai International Financial Center (DIFC) organized the "Nights of Art" evening in March 2019, the most successful version of the past five years. The event, which coincided with the start of the 2019 Art Dubai season, saw the participation of a number of international art galleries and artists, as well as many works of composition and sculpture accompanied by performances of electronic music and visual compositions of multidisciplinary artists.
Develop a market for local funds
The Center continues to support the development of the financial services sector and promote the economic growth of the UAE by encouraging the development of a market for local funds. In May 2019, the Dubai Financial Services Authority (DFSA), the DIFC's independent regulatory authority, announced the launch of the UAE's new pbadport system, a regulatory mechanism to support and oversee investment fund, which encourages approved foreign companies in financial free zones To enter the local market.
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