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By Sunil Kumar Singh
December 23, 2015 | 09:30 | Dubai
One of the key challenges for Dubai to maintain its status as an international financial centre is to bring domestic regulators on par with international standards, securing a leading position not just in the Middle Eastern region but on a global scale, the CEO of Dubai International Financial Centre (DIFC) Authority has said.
“Dubai must enhance and standardise its financial policies and regulations in order to foster substantial growth in its financial services sector. The emirate will also have to develop its human infrastructure in financial services in order to compete with international centres” Arif Amiri, Chief Executive Officer, DIFC Authority, told Wealth Monitor.
This year, DIFC recorded impressive growth with the total number of registered companies reaching 1,327 firms up 8.3% from 2014 and a combined workforce that jumped nearly 5% to more than 18,500. Over the next decade, he said, the Centre expects to increase the number of active registered financial firms from 382 firms in the first half of 2015 to 1,000 by 2024, and grow the combined workforce of DIFC-registered companies from 18,521 to 50,000.
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