UAE: DIFC on the rise
- 21.02.2024
- Posted by: Omar Sami
- Categories: Dubai, Middle East
The Dubai International Financial Centre (DIFC) has achieved significant growth in the past year, demonstrating its leading role in the region’s economic landscape. With a 15% increase in job creation, the DIFC has added approximately 5,514 new positions, elevating the total number of professionals working in this premier free zone to 41,597.
Record-Breaking Company Registrations and Financial Performance
2023 saw the DIFC not only bolster its workforce but also expand its corporate base. The total number of active companies in the DIFC surged to 5,523, marking a significant 26% year-on-year increase. This expansion is highlighted by the highest-ever annual new registrations, totaling 1,451 companies, a substantial 34% increase from the previous year. Financially, the DIFC has reported remarkable growth as well, with its revenues and operating profits rising by 23% and 27%, respectively, achieving AED 1.3 billion in revenues and AED 859 million in operating profits.
Company Setup in the UAE
The timing couldn’t be better for setting up a company in the UAE. The nation’s ongoing commitment to economic diversification, coupled with the successful expansion of its free zones, has created a fertile ground for entrepreneurs and businesses looking to tap into the Middle Eastern market. Recent reforms, including more flexible visa regulations and the introduction of new ownership laws, have made it even easier for foreign investors to establish and expand their operations. Moreover, the UAE’s strategic location as a crossroads between East and West offers unparalleled access to global markets.
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