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DIFC records 16pc hike in 2012 employment

Dubai, January 21, 2013

Dubai International Financial Centre (DIFC), the leading financial hub in the region, has posted a 16 per cent growth rate in the combined workforce of DIFC-registered companies during 2012 as against 2011.

The number of active registered companies operating within DIFC rose during the year to reach 912 companies at the end of December 2012, a 7 per cent year-on-year increase, DIFC said in its update on its performance in 2012.

Jeffrey Singer, CEO of DIFC Authority said: “Dubai’s unique proposition and geographical positioning provide unrivalled opportunities in terms of connectivity and accessibility to the thriving Middle East, Asian and African markets.”

“The growth we have witnessed within DIFC reflects the ongoing demand among international businesses for a presence in the region.

“In spite of global economic challenges, DIFC has delivered a robust performance across all areas of the business. Our strategy remains the same and by capitalising on our world-class infrastructure and internationally recognised legislative and regulatory framework, we are creating a platform for global and regional companies to build fruitful and sustainable business relationships within a comprehensive financial environment,” he added.

DIFC added 38 regulated firms during the year, 111 non-regulated firms and 22 retail outlets to the Centre’s client portfolio.

The combined workforce of companies registered with DIFC currently stands at approximately 14,000, representing over 120 nationalities.

DIFC has also progressed in its strategy to create an environment that supports business growth, and is now the location of choice for 19 of the world’s top 25 banks, 11 of the world’s top 20 money managers, 8 of the top 10 insurance companies, and 6 of the top 10 legal firms, solidifying its reputation as a prestigious and highly sought after business community, the update said.

Reinforcing the centre’s reputation as an international financial hub for the region, Dubai is now ranked as the top financial centre in the Middle East, Africa and South Asia, and is placed as one of the top five global centres where international firms want to open offices, alongside Singapore, Hong Kong, London and Shanghai, as reported in the 12th edition of the Global Financial Centres Index in September 2012.

Companies based in DIFC continue to benefit from the Centre’s internationally recognised regulatory and legal framework, which effectively facilitates the growth of financial services and commercial activities.

The increasing number of clients, in addition to the internal expansion of companies already existing within DIFC, has contributed to significantly high occupancy rates within the Centre.

As of December 31, 2012, occupancy of DIFC-owned commercial offices in the Gate District (Gate Building, Gate Precinct and Gate Village) remained high at 94 per cent of leasable space (total commercial office space:1,370,000 sq ft), and 98 per cent occupancy rates of DIFC-owned retail space (total retail space: 229,000 sq ft).

The occupancy within third party owned office space managed by DIFC under the Property Lease Management Agreement (PLMA) stands at 90 per cent (total PLMA area: 535,000 sq ft). This space includes Currency House, Currency Tower and part of Liberty House.

New companies registered with DIFC in 2012 accounted for the leasing of approximately 260,000 sq ft of space, in addition to the physical growth of existing companies resulting in the lease of almost 35,000 additional sq ft.

To meet the growing demand in DIFC, around 877,553 sq ft of GFA (Gross Floor Area) of space has been made available in the centre during the second half of 2012, in the form of the recently opened Daman offices.

Office space is also available in other third party owned and managed properties including the Index Tower, Park Towers and Emirates Financial Towers. – TradeArabia News Service




Tags: Dubai International Financial Centre | DIFC | Employment | financial hub | 2012 |

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