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Dubai: Sheikh Maktoum chairs DIFC meeting, reviews achievements

Meeting also noted progress made in DIFC’s 2030 Strategy, especially the development of the emirate into a financial innovation and technology hub

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), chaired a meeting of DIFC’s Higher Board of Directors.

Sheikh Maktoum said DIFC and its business ecosystem continue to make substantial contributions to accelerating the country’s growth. Since its inception in 2004, DIFC has played an instrumental role in increasing the diversity and depth of the UAE and Dubai’s financial services sector and remains a key driver of innovation and transformation in the industry.

Highlighting DIFC’s exceptional performance in 2022, he said the Centre’s achievements have been driven by the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Higher Board reviewed the key achievements of the Centre’s three independent bodies – the DIFC Authority, the Dubai Financial Services Authority (DFSA) and DIFC Courts in 2022. The meeting acknowledged the role of DIFC senior management and their teams in making the Centre the world’s best-performing free zone globally in attracting FDI projects in the financial services sector over the last five consecutive years.

The meeting also noted the progress made in achieving the goals of DIFC’s 2030 Strategy, especially the development of Dubai into a financial innovation and technology hub. Other key objectives that are part of the strategy include the realignment and expansion of the DIFC Innovation Hub, the development of regulations for digital assets and future-focused approaches to resolution management.

Essa Kazim, Governor of DIFC, said: “During 2022, DIFC successfully increased its economic contribution to the UAE and Dubai’s economies by delivering on the key objectives of its 2030 Strategy. As we move towards 2023, DIFC remains focused on its vision to drive the future of finance, which will attract more finance-related FDI projects to Dubai and further enhance our reputation as the region’s leading global financial centre.”

The meeting urged DIFC bodies to remain focussed on the future and continue to work to consolidate Dubai’s position as one of the world’s highest-ranked financial centres. It also discussed how DIFC can set an example for the financial industry in contributing to global climate, environmental, social and governance goals that will be discussed during the COP28 climate conference hosted by the UAE and to be held in Dubai next year.

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