537 new firms join DIFC in first half

Inayat-ur-Rahman, Business Editor

537 new companies join Dubai International Financial Centre (DIFC) in H1 2022, a 11 per cent year-to-date increase; FinTech and innovation companies continue to be key growth drivers, increasing from 406 to 599, up 23 per cent year-on-year. Total number of registered companies grew from 3,297 to 4,031, a 22 per cent year-on-year growth.

CFS DIFC Limited, a leading insurance intermediary and financial services provider, has secured the Dubai Financial Services Authority (DFSA) licence to advise on financial products and arrange deals in investments related to long-term insurance contracts. The financial hub’s growing stature as a framework that facilitates global expansion and market collaborations encouraged CFS DIFC Limited to procure the DFSA license.

 Founded in 1994, The Continental Group (CFS DIFC Limited) boasts a long pedigree in the insurance profession in the region. Under the tutelage of Founder Ashok Sardana, the company has expanded to five countries, with over 250 staff operating from 10 offices. Joining Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, comes as a catalyst on the back of the company’s decision to expand its capabilities by offering contemporary solutions attuned to the multi-generational requirements of global HNW and UHNW clients.

 “DIFC platform has, over the years, amassed an international reputation for credibility, security, and leading innovation. So, by association, we intend to supercharge our aspirations of serving clients across the globe through sophisticated solutions — all via a trusted framework in DIFC. Looking forward to catching up with clients and partners at the new headquarters in the financial centre,” said Ashok Sardana.

DIFC has indeed emerged as a byword for financial innovation in recent years. In H1 2022, 537 new companies joined DIFC, taking the total tally to 4,031, which includes 17 of the top 20 banks and five of the top 10 insurance companies in the world. Most importantly, FinTech and related companies increased from 406 to 599 in the said period, up 23% year-on-year.