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Dubai jobs: Hiring picks up as 661 new DIFC firms add record 3,057 employees in H1

The total number of companies operating in the financial centre rose from 4,031 to 4,949 at the end of June 2023

The Dubai International Financial Centre (DIFC) added 661 new companies in the first half of 2023, creating a record 3,057 new jobs as Dubai became a highly attractive destination for foreign entities from diverse regions after the pandemic.

The total number of companies operating in DIFC rose from 4,031 to 4,949 at the end of June 2023, a year-on-year increase of 23 per cent. The number of firms in DIFC’s FinTech and Innovation sectors grew 35 per cent from 599 to 811. DIFC was now home to 1,443 financial and innovation-related companies at the end of June 2023, a growth of 15 per cent year-on-year.

The total number of employees based in DIFC grew to 39,140, up 20 per cent year-on-year. The free zone leased over 233,000 sqft of owned and managed commercial space. Occupancy rates stood at 99 per cent.

DIFC was also home to 632 financially regulated firms at the end of the first half of 2023.

“DIFC’s exceptional performance in the first half of the year once again demonstrates the strength of the ecosystem it offers for investment, innovation and enterprise to flourish in the financial industry. DIFC has not only propelled Dubai’s development into a pre-eminent global financial hub but also helped create new spirals of growth in the wider region,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC.

“As the emirate enters a new phase of growth with the implementation of the Dubai Economic Agenda D33, DIFC will be a vital contributor to the emirate’s efforts to open new horizons of sustainable development and unlock the potential of advanced financial technologies,” he said.

“DIFC plays a pivotal role in driving Dubai's economic growth in line with the Centre’s Strategy 2030 and the Dubai Economic Agenda (D33). The unprecedented growth during the first six months of 2023 continues to strengthen Dubai’s position as a global leader in finance and innovation. Dubai’s official global leader status will help DIFC differentiate our position with international finance and business communities, ensuring we can continue to advance our contribution to the economy,” said Essa Kazim, Governor of DIFC.

“DIFC’s tremendous success in the first half of 2023 continues to illustrate how we are shaping the future of finance. Our unwavering commitment to growth has yielded outstanding results, with client attraction and expansion leading to a remarkable increase in job creation, bolstering the international workforce in DIFC. This achievement reinforces DIFC and Dubai's prominence as a global destination for top-tier talent as we continue to deliver to our Strategy 2030,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

The free zone said the influx of hedge funds continued in H1 2023. The big names that joined in 2023 include global leaders such as Asia Research and Capital Management Ltd, Edmond de Rothschild, EnTrust Global, Hudson Bay Capital, King Street Capital, Nomura Singapore, St. James’s Place and Verition Fund Management.

The DIFC Launchpad expects to support the launch of more than 200 new ventures in Dubai, create over 8,000 jobs and attract over Dh2 billion in venture capital.

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