DIFC's wealth and asset management sector hits at $424bln | ZAWYA MENA Edition

DIFC's wealth and asset management sector hits at $424bln | ZAWYA MENA Edition:

The size of the wealth and asset management sector at the Dubai International Financial Centre (DIFC) stands at $424 billion, equivalent to roughly 30 per cent of the combined gross domestic product of all GCC countries.

Essa Kazim, governor of the DIFC, which is the leading financial hub in the Middle East, Africa and South Asia region, said on Monday that over the past 15 years, the centre has grown into what is today a focal point for the global business and investor community.

He said a testament to the remarkable success of the DIFC is amount of capital being raised in the centre. "The approximate size of the wealth and asset management industry in the DIFC is now $424 billion. To put this in context, that is equivalent to roughly 30 per cent of the combined GDP of all GCC countries."