DIFC Becomes Leading Global Hub for Family Businesses, Driving Growth in Economy and Finance

Dubai, known for its opulence and luxury, has once again solidified its position as a global hub for wealth and prosperity. According to the latest World’s Wealthiest Cities Report 2023, Dubai has been ranked as the number one city in the MEASA region and among the top 22 cities globally in terms of wealthiest population centres. With over 68,500 High Net Worth Individuals (HNWIs), 206 centi-millionaires, and 15 billionaires calling Dubai home, the city’s total net worth exceeds a staggering USD 1 trillion.

The Dubai International Financial Centre (DIFC) has played a crucial role in attracting wealth to the city, serving as a trusted global hub for many of the world’s wealthiest families and individuals. With a workforce of over 41,500 and more than 5,500 active registered companies, DIFC’s status as the deepest financial centre between London and Singapore has been further solidified by a record-breaking year in 2023.

To celebrate the one-year anniversary of the DIFC Family Wealth Centre, a special event was held with the presence of esteemed guests including His Excellency Addullah bin Touq Al Marri, Cabinet Member and UAE Minister of Economy, and DIFC leadership. The event, themed ‘A Legacy of Excellence’, highlighted the progress made in nurturing a thriving ecosystem for global family wealth and supporting family businesses in their growth ambitions and succession plans.

During the event, H.E. Al Marri emphasized the UAE’s commitment to becoming a regional centre for family businesses, with Dubai standing as a pivotal hub for family wealth. The DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem, offering unparalleled opportunities for growth and preservation.

Essa Kazim, Governor of DIFC, highlighted Dubai and DIFC’s rapid positioning as the premier destination for family businesses worldwide. The Centre’s innovative approach and expertise have played a pivotal role in shaping the landscape of family wealth, empowering families for generations to come.

Arif Amiri, CEO of DIFC Authority, emphasized DIFC’s commitment to fostering a growth ecosystem for the wider financial sector. With a strong focus on transparency, regulation, and knowledge-building, DIFC has earned the trust of numerous banks and wealth management firms, attracting a surge of family businesses and entities to the Centre.

With over 440 registered foundations and 600 active entities affiliated with top family businesses and individuals, DIFC has seen a significant interest in family wealth management. The Centre’s commitment to regulatory transparency and family confidentiality has led to a surge in single family offices and holding companies in 2023.

In addition to the regulatory framework for family businesses, the launch of the DIFC Family Wealth Centre in 2023 has empowered families to preserve their wealth and legacies for the future. The Centre offers tailored solutions for asset allocation, governance, succession planning, and philanthropy, supported by the Innovation Hub for next-generation owners.

The DIFC Family Wealth Centre is not only a win for the local economy but also a societal mechanism for wealth distribution. With family businesses responsible for a significant portion of the UAE’s GDP, workforce, and private companies, the Centre plays a crucial role in driving economic growth and prosperity in the region.

As Dubai continues to attract wealth and prosperity, the DIFC Family Wealth Centre remains at the forefront of empowering families and individuals to secure their financial legacies for generations to come. With its innovative approach and commitment to excellence, Dubai is set to maintain its position as a global hub for wealth and prosperity in the years to come.