Dubai fintech growth takes DIFC to record AED1bn year

Dubai International Financial Centre has introduced more than 1,000 new companies and saw revenues of of over AED1bn for first time

New companies registered in DIFC in 2022 surpassed the annual milestone of 1,000 for the first time in the centre’s history with 2022 seeing a total of 1,084 new firms.

The strong performance was driven by strategic plans aimed at advancing the scale and depth of value-generating innovation created by the DIFC community.

Fintech growth in Dubai

In 2022, DIFC’s combined revenue exceeded AED1bn for the first time. The centre recorded a revenue increase of 18 percent year-on-year to reach AED1.06bn from AED897m in 2021.

Operating profit for 2022 increased 19 percent to AED679m from AED573m in 2021. Total assets crossed AED15.3 billion, reflecting DIFC’s strong financial position.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and DIFC President, said, “DIFC’s exceptional performance in 2022 demonstrates Dubai’s growing role as a major driver of innovation, entrepreneurship and next-generation technologies in the region’s financial sector.