In 2021, optimism changed significantly across the United Arab Emirates. One of the best vaccination programs in the world has been deployed, oil production has recovered, and the tourism industry has recovered, supported by the success of the Dubai International Exposition. Dubai.
Analysts have predicted that the road to recovery will take some time worldwide, but the UAE, especially Dubai, is rapidly closing the gap with the country’s strong response to the pandemic. The International Monetary Fund expects the UAE economy to grow from 2.2% in 2021 to 3% in 2022. The average growth rate from 2022 to 2026 is expected to be 3.3%, enhanced by improved performance in the oil and non-oil economies. , Macroeconomic stimulus policy and tourism recovery.
DIFC was very strong in 2021 and continues to contribute significantly to the economic growth and success of the UAE. In a pandemic, DIFC achieved its 2024 strategic growth target in the first half of 2021 three years earlier than planned. Today, with more than 3,300 active registered companies, Dubai is strengthening its position as a major global financial center.
Dubai has the ambition to become a global hub for technology and innovation. DIFC plays an important role in realizing this ambition. Exponential growth in recent years has been brought about by the participation of this type of company in the center. The DIFC Innovation Hub was launched in 2021. We have quadrupled the size of our hub to 315,000 square meters as the region’s first ecosystem dedicated to bringing together fintech and innovation communities to shape the future of finance and the economy. Feet in the next few years. More than 400 technology and innovation companies, from start-ups to global unicorns, now call DIFC home. That’s more than 60% of all GCC companies.
Over the next year, DIFC will focus on building a prosperous business environment that supports entrepreneurship and ultimately drives the economy of the future. Fortunately, key enablers of innovation, including investment in R & D, support policies and legal frameworks, and measures to attract foreign investment, exist in the UAE and are at the top of our list of economic strategies. I have.
Over the years, we have introduced and amended legislation to support DIFC as a global business and innovation hub. This has attracted many global companies to centers where they can easily do business. Not only will this lay a solid foundation for DIFC’s growth in 2022, but it will also help Dubai become a global hub for technology and innovation.
We recognize the great potential and impact of innovation pioneered by the financial industry switching to other applications. Innovation has become the basis of our survival, sustainability and growth. Our region offers attractive opportunities for both domestic and international expansion companies. We are witnessing an accelerating wave of turmoil and look forward to continuing to dramatically transform our lives while creating trillions of dollars worth of new industries around the world and in the region.
DIFC takes advantage of immense opportunities in emerging financial segments and the technologies that enable them. These bring significant job creation and economic benefits in line with our vision of driving the future of finance. It also sets common standards for strengthening UAE competitiveness, driving industry digitization, shaping the future of open finance and enabling technology through regulatory cooperation with the UAE Central Bank and other industry partners. I will adopt it.
The future of finance is exciting. The future of finance is happening here now.
https://gulfbusiness.com/power-letters-2022-arif-amiri-ceo-difc-authority/ DIFC Authority, CEO, Arif Amiri