UAE’s financial services hub Dubai International Financial Centre (DIFC) on Friday (November 23) celebrated its second anniversary.

DIFC governor Omar Bin Sulaiman said the centre has attracted top foreign financial institutions.

According to a statement, about 500 companies operate within the zone, which has a workforce of 11,000.

'The DIFC is a strategic element of Dubai's future growth plans. I am confident that the DIFC and the financial sector will continue to play an extremely significant role in the development of the economy of Dubai, the UAE and the entire region,' Bin Sulaiman said.

He said the large number of global financial institutions based in the DIFC 'proves the region's success story in becoming an international financial hub.'

“A vibrant financial sector is the backbone of any successful economy. We are witnessing this success in Dubai, where local, regional and international financial institutions are working together to shape the development of the financial industry,” said DIFC Governor Dr Omar Bin Sulaiman.

“The DIFC is the one place where the worlds of finance, the arts, culture and education come together to speak for Dubai and the region, with one voice that is being heard in every financial community across the globe. Recognising that people are our most valuable asset at the DIFC, we are focused on nurturing talent which will not only strengthen our financial sector, but will also build the region’s knowledge economy. Having attracted so many local, regional and international companies to the DIFC, our priority is now to ensure their integration into the region enabling them to tap into the wealth of available opportunities and fuel the development of the region” Dr Omar said.

This year has seen a number of landmark achievements for the DIFC, including the launch of the DIFC family office; winning the International Award for Best Government Initiative at STEP Awards 2007; the establishment of Waqf Trust Services; the official opening of the DIFC Courts; DFSA winning the Best Regulator for Islamic Funds award; the launch of 'DIFX TraX' platform with 14 new structured products, the DIFX becoming the world’s largest exchange for sukuk in terms of value and the DFSA Securities Regulation receiving a highly positive IMF-World Bank assessment.

DIFC Investments also had a monumental year, becoming the largest external strategic shareholder in Deutsche Bank and issuing the largest rated and the largest straight sukuk to come out of the region. – TradeArabia News Service