#Dubai Business Hub’s Profit Slumps as Virus Relief Weighs - Bloomberg

Dubai Business Hub’s Profit Slumps as Virus Relief Weighs - Bloomberg

The Dubai International Financial Centre.

 Photographer: Christopher Pike/Bloomberg

Dubai International Financial Centre, the city’s tax-free business hub, posted a 74% drop in profit as coronavirus-related measures weighed on its earnings.

Full-year profit net income fell to $31 million from $118 million a year ago, while revenue declined about 8% to $186 million. Click here for financial report

The DIFC last year provided relief measures to support entities operating at the business hub to cope with the coronavirus pandemic. It included reduction in application fees, waiver of registration fees, and temporary relief from capital requirements.

The DIFC is home to the regional offices of banks including Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley. The number of new firms operating in the DIFC grew 20% last year, taking the total to 2,919, it said Tuesday. Click here for statement on new firms