Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA), has announced record financial results for 2024.

The milestone coincides with DIFC's 20th anniversary, reinforcing Dubai's position as the region's financial services capital.

The centre now houses 6,920 active companies, a 25 percent increase from 5,523 in 2023. DIFC also recorded 1,823 new registrations in 2024, the highest annual figure to date, reflecting historic 25 percent growth.

DIFC's total revenue for 2024 reached AED1.78 billion (US$484 million), marking the largest annual increase since the centre's inception and a 37 percent rise from its record-breaking performance in 2023. Operating profit surged to AED1.33 billion ($363 million), up 55 percent.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of DIFC, said, "DIFC's exceptional growth over the past 20 years reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to establish the emirate as the region's leading global financial centre. This success further cements Dubai's position as a world-class hub for financial services."

Sheikh Maktoum affirmed that Dubai continues to achieve its ambitious aims of creating an advanced financial ecosystem that meets future requirements.

The technology and innovation sector remained the fastest-growing in DIFC, driven by the launch of the Dubai AI Campus. The sector saw a 38 percent year-on-year increase, reaching 1,245 companies in 2024. Job creation from new and existing businesses expanded DIFC's workforce to 46,078, a 10 percent rise.

In 2024, DIFC continued to lead the market in attracting new financial firms. Key new financial services registrations included Allfunds, ASK Wealth Advisors, Bank of Communications, Bluecrest, Blue Owl, Capricorn Fund Managers, China Taiping Insurance, CMB International Securities, Dymon Asia Capital, Edmond de Rothschild, Eisler Capital (DIFC) Ltd, Gavekal Wealth, Hamilton Lane, Hayfin, Investec Bank, JJJ Capital, Mahindra Insurance Brokers, Nexus Underwriting Limited, North of South Capital, Nuvama Private, Polen Capital Management, Rokstone Underwriting, State Street Global Advisors, Taula Capital, TCW Investments, Tudor Capital, Wellington Asset Management and Ziraat Bank.

Essa Kazim, Governor of DIFC, commented, "Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE's economic landscape, in line with the Dubai Economic Agenda, D33. DIFC's Strategy 2030 continues to position us as the region's top global financial centre and one of the world's leading financial hubs.

"In line with the Dubai leadership's commitment to build strategic relationships with the international business community, DIFC will continue to forge new partnerships to further strengthen our reputation for driving the future of finance."

Arif Amiri, Chief Executive Officer of DIFC Authority, said, "DIFC continues to strengthen its position as the region's leading global financial centre, welcoming organisations and talent that share our vision for shaping the future of finance.

"Looking ahead, we will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai's status as the region's top global financial centre."

DIFC is home to the region's largest cluster of financial services companies. By the end of 2024, this included more than 260 banking and capital markets firms, 410 wealth and asset management companies—including 75 hedge funds—and 125 insurance and reinsurance firms, making it the region's only global hub for the sector. The ecosystem also includes over 70 brokerage firms.

Highlighting the depth of DIFC's financial ecosystem, its client base now includes 27 of the world's 29 global systemically important banks (G-SIBs), eight of the top 10 global asset managers, five of the highest-ranked insurance brokers, and five of the world's 10 largest interdealer brokers by volume.

By the end of 2024, the Dubai Financial Services Authority (DFSA), DIFC's independent regulator, supervised or regulated more than 900 entities operating within the centre.

Dubai serves as a strategic hub for companies seeking access to the region's 40 sovereign wealth funds and is home to the highest concentration of private wealth in any Middle Eastern city.

With significant capital inflows from millionaires, centi-millionaires, billionaires, family offices, and financiers, DIFC continues to experience exponential growth in the wealth and asset management sector. 410 firms have made DIFC their preferred financial hub in the region, reflecting a net increase of 60 firms and a 16 percent year-on-year growth.