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Thu 3 Jun 2010 07:29 AM

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DIFC firms seen moving from survival to recovery mode

DIFC Authority CEO upbeat as 40 new companies register in Q1, total of 899.

DIFC firms seen moving from survival to recovery mode
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The Dubai International Financial Centre (DIFC) registered 40 new companies in the first quarter of 2010, as a top official said companies were now in recovery rather than survival mode.

The current number of DIFC-registered companies is now 899, five percent higher than the 2009 total of 859 which in turn was 15 percent higher than the 744 recorded in 2008.

"The first quarter saw somewhere around 40 new companies in the DIFC," said Abdulla Mohammed Al Awar, CEO of the DIFC Authority, in comments published by Emirates Business.

"We have seen that most institutions are now in the recovery, rather than survival, mode."

The DIFC is currently finalising its strategic review of the cost of doing business in the financial free zone, the paper added.

The review covers issues concerning rents, fees and the overall mechanisms that would make the DIFC a more attractive centre.

Last month, DIFC said it had cut jobs as part of a business “review” and to lower costs.

The DIFC declined to specify how many jobs it reduced in an e-mailed response to questions from Bloomberg, saying it was “reviewing its strategic focus” that will “result in an optimum utilisation of resources.”

Since its inception in 2004, the number of firms at the DIFC has grown nearly 50 times, Al Awar said. Among the almost 900 companies based in the DIFC, there are 20 of the world's top 25 banks, and six of the world's 10 largest asset managers.

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Jon 10 years ago

The DFSA quotes 300 authorised firms at the beginning of April this year - so where have the other 600 come from? Does this include firms opened up and closed down? For sure there are not 900 firms operating in DIFC today...

ram 10 years ago

The press should give a true picture. The figures mentioned are more or less correct as i check wth compnay register of Difc website. But most companies are inactive mode. and closure rate is high.