Paolo Soro

DIFC reports a growth in new companies incorporated

According to the last DIFC report, Dubai has registered a growth rate of 18% on average in number of new companies incorporated, in 2015.

“A 18 percent year-on-year growth in the number of new companies incorporated, with 508 new entities joining the financial hub, in 2015”, as reported the Dubai International Financial Centre (DIFC), on Wednesday, 17 February 2016.

In spite of the challenging global and regional economic environment, the DIFC continues to attract financial institutions around the globe, and the client portfolio expansion is carried on again, also in 2015.

Nowadays, the DIFC (Dubai institution corresponding to the Italian Chamber of Commerce) has 1,445 new active registered firms in 2015, with an increase of 18% compared to 1,224 new active firms registered by the end of 2014.

By comparing data between 2014 and 2015, the Authority has registered the following improvements:

-          the number of established companies in the financial services grew by 13% (+ 508);

-          the number of established companies in the non-financial sectors grew by 22% (+ 937).

The Governor of the Dubai International Financial Centre, Eisa Kazim, said:

“With Middle East, Africa and South Asia expected to account for a substantial share of global economic growth over the next decade. The DIFC is well positioned to benefit from the trade and the investment flows entering the region, and from the emergence of the ‘South-South economic corridor’, linking Asia, Africa and Latin America”.

The “South-South trade and investment flows corridor” seems to be in line with the DIFC’s 2024 growth strategy, in its efforts to build and maintain relationships with stakeholders all over the world.

Pursuant the published report, the workforce employed in DIFC also saw an increase of 11% within the last year, as well as the DIFC’s retail offering in 2015, adding 18 new retailers.

All these data correspond to the forecasts carried out by the research centre of MESCO DWC-LLC (http://www.mescodubai.com/en/), based in Rome and Dubai, one of the most active in providing start-up assistance to Italian SMEs who are trying to expand its business in the UAE.

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