The Dubai International Financial Centre (DIFC) reported in its first half of 2024 performance report that the number of insurance and reinsurance companies based in the centre has increased from 110 to 125.
Based in Dubai, the international financial hub for the Middle East, Africa and South Asia (MEASA), DIFC fosters business and cultural growth.
The centre has reported “remarkable” growth in the first half of 2024, with a total of 820 new companies also joining the DIFC during the period, bringing the number of active companies registered in the DIFC to over 6,000, a first for the centre.
Additionally, fintech and innovation companies within the center have increased by 33% year-on-year.
DIFC businesses continue to attract talent from around the world, creating 4,647 new jobs in the last 12 months, taking the total workforce to 43,787.
The 125 new reinsurers and insurance companies based in the DIFC will be joined by more than 370 asset managers, including more than 50 pure play hedge funds, mainly based in the GCC, Europe, the UK and the US.
DIFC’s assets under management also increased by 58%.
The center aims to accelerate AI adoption through the recently opened Dubai AI Campus in the DIFC Innovation Hub, and will also support the DIFC’s next phase of growth.
The Dubai AI Campus offers dedicated co-working space for tech startups, including AI companies, and already has 75 companies operating there, with the second phase of the campus expansion aiming to attract 500 companies and create 3,000 jobs by 2028.
The DIFC has introduced some of the most innovative legislation in the world, including the world’s first Digital Asset Law, to bring greater trust and market certainty to both fintech and digital asset classes.