Dubai's DIFC sees total workforce grow by 11% to 19,808

Increase comes as Dubai International Financial Centre posts record year for new company registrations
Dubai's DIFC sees total workforce grow by 11% to 19,808
By Staff writer
Wed 17 Feb 2016 04:12 PM

Dubai International Financial Centre (DIFC) announced on Wednesday that the number of new company registrations increased by more than a quarter (27 percent) last year compared to 2014.

They increased from 242 to 309, the highest number achieved in a single year to date, DIFC said in a statement.

The size of the total workforce employed within DIFC also grew to 19,808, an 11 percent increase compared to the previous year and around 40 percent of the overall target DIFC has set as part of its 2024 growth strategy.

Essa Kazim, governor of Dubai International Financial Centre, said: "DIFC passed a number of significant landmarks last year. The size and diversity of our client portfolio continues to expand alongside our evolution from an international financial centre into a global financial hub.

"Last year we unveiled our long-term growth strategy, and we are well on the way to achieving a number of its key objectives."

He added: "With MEASA expected to account for a substantial share of global economic growth over the next decade, DIFC is well positioned to benefit from the trade and investment flows entering the region and from the emergence of the South-South economic corridor linking Asia, Africa and Latin America."

1,445 active registered firms now operate within DIFC, compared to 1,225 firms at the end of 2014, an increase of 18 percent recording the highest number since DIFC inception.

According to DIFC, last year the number of active registered firms in the financial services and non-financial services sectors grew 13 percent and 22 percent respectively.

DIFC also continued to expand its retail offering in 2015, adding 18 retailers, a year-on-year increase of 11 percent while an additional 335,600 square feet of office space was leased, 19 percent more new office than in 2014.

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