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Sun 19 Jul 2020 12:16 PM

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DIFC remained resilient in H1 2020, despite Covid-19 slowdown

A total of 310 new companies were registered in H1 2020, taking the total number of active registered companies to 2,584

DIFC remained resilient in H1 2020, despite Covid-19 slowdown

DIFC recorded an average monthly registration of 52 companies during the six-month period.

Despite the slowdown caused by the Covid-19 pandemic, Dubai International Financial Centre (DIFC) recorded a strong first half of 2020, as new company registrations surged 25 percent year-on-year, compared to H1 2019.

According to its latest report, a total of 310 new companies were registered in H1 2020, taking the total number of active registered companies to 2,584. The financial centre recorded an average monthly registration of 52 companies during the six-month period. Additionally, March and June were two record-breaking months with 66 and 88 new registrations, respectively. 

The first half of the year also saw a rise in number of firms offering financial services, reaching 820, which marked a 22 percent increase year-on-year and 11 percent increase compared to FY 2019.

Essa Kazim, Governor of DIFC said: “The sustained growth delivered during the first half of 2020 is testament to the resilience of the centre. As we enter a new period of digital transformation and operate within a ‘new normal’, we will continue to play a key role in contributing to the economy.”

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