Dubai financial hub adds companies even as slowing growth weighs

DUBAI: The number of financial companies operating in the Dubai International Financial Centre rose 11% during the first half, even as a slowing global economy forced some banks to cut jobs.

Almost 2,290 companies, including 671 financial firms, are now based in the tax-free business park with the number of jobs increasing by 660 to more than 24,000, according to a statement on the DIFC’s website. Malaysia’s Maybank Islamic Berhad, Cantor Fitzgerald and Australia’s Atlas Wealth Management were among the financial firms that joined.

Dubai ranked as the Middle East’s leading financial centre in a March study by consulting firm Z/Yen. The hub climbed three places to No. 12, ahead of Abu Dhabi by 14 places. Riyadh ranked 61st. Still, Barclays Plc and Deutsche Bank AG have reduced their presence in the financial district in recent years and the hub has turned to African and Asian institutions to fill office space.

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