The Dubai International Financial Centre (DIFC) saw 34% growth in new registrations last year, helped by demand from companies in a broader range of sectors and new industries such as fintech, boosting the city's status as the Gulf financial hub.
DIFC posted a net profit of $203 million in 2023, up about 45% year on year, while combined revenue rose 23% to $352 million, it said on Thursday.
The total number of active companies stood at 5,523 at the end of 2023.
"The overall growth of companies has been supported by both financial and innovation companies and non-financial companies," DIFC Governor Essa Kazim told reporters.
There is increasing competition among Gulf states to develop their financial sectors as part of economic diversification, with the likes of Abu Dhabi, Riyadh and Doha bolstering investment in their own financial centres.
Kazim said he was not concerned about competition from Saudi Arabia, the Arab world's largest economy, or others when it came to attracting companies, and that economic growth across the region meant the pipeline was growing bigger for everyone.
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