Significant Indian names join DIFC in 2024 as centre marks its 20th year

As the Dubai International Financial Centre (DIFC) continues to bolster Dubai's position in the Middle East, Africa and South Asia (MEASA) region's financial services capital during its 20th year, a significant list of Indian names has been joining the bandwagon.

Significant Indian company names added this year include ASK Asset & Wealth Management Group (Wealth Management), AI/tech unicorn, Nagarro.

According to a statement released here on Tuesday, Middle East & Asian countries contributed the highest (51 per cent) for DIFC's growth in 2024.

Indian companies under financial services include Bharat Re Global Ltd, El Dorado Capital Ltd, Beacon Insurance Brokers, Fort Capital, Mahindra Insurance Brokers, and Nuvama Wealth and Investment Ltd.

DIFC houses 6,920 companies, up from 5,523 in 2023, registering a 25 per cent increase. DIFC attracted 1,823 new registrations, the highest-ever number recorded in a year, showcasing historic growth of 25 per cent.

Combined revenues for 2024 have shown the greatest leap since inception of the Centre, reaching AED 1.78 billion (USD 484 million), 37 per cent higher than 2023's record-breaking performance; and operating profit grew to AED 1.33 billion (USD 363 million), up 55 per cent.

DIFC Governor Essa Kazim said, "Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE's economic landscape, in line with the Dubai Economic Agenda (D33). DIFC's Strategy 2030 continues to position us as the top global financial centre in the region and as one of the world's leading financial centres.