The targets were set out in the DIFC’s 2024 strategy unveiled this week, which aims to position the zone as one of the top 10 financial centres globally.
“In our strategy for the next 10 years, we look forward to stimulating and driving our collective aspirations to enter a new phase of leadership, in a way that puts us at the forefront of financial centres on the global landscape,” said Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai and president of DIFC.
The DIFC estimates around 50% of the overall future growth would come from growing trade and access to the emerging economies of Africa, Latin America, South Asia and the rest of the Middle East region, which possesses a combined GDP of $7.9trn (£5.1trn, €7.1trn).
A further 30% of the future growth is expected to come from existing clients looking to upgrade their licenses to higher categories, or expand their physical presence to become regional hubs.
The DIFC is currently home to around to 1,225 companies, a total which grew by 18% last year alone, and has a combined workforce of 17,860 people.
The new plan calls for the workforce of DIFC-registered companies to grow to 50,000 over the next decade, while the number of active domiciled financial firms is expected to rise to 1,000 from 362 in 2014.
The DIFC said it expects financial firms to strengthen their balance-sheets by an estimated $400bn, compared to $65bn in 2014, through enhancing liquidity to fuel future growth.
“The unwavering support of our clients has made DIFC a tremendous success story in the last decade,” said Essa Kazim, governor of DIFC and chairman of DIFC Authority.
