The Dubai International Financial Center (DIFC) has reported an increase in the number of the companies established within its premises and which rose by 16% during the first half of 2016. The hub is host to 425 financial companies and the number of people working there amounts to 21 000, 14% more over the same period.
The economic slowdown still lingers on with the ongoing fall in oil prices which has strained transactions volume. This situation has even pushed Emirati banks to cut jobs.
According to Bloomberg, nearly 1 500 jobs have been lost. Meanwhile, DIFC is sustaining competition from other financial centers, especially that of Doha. Saudi Arabia is developing an off-shore area similar to Riyadh, a project of 73 buildings worth 10 billion USD that has failed to attract any financial institution by April 2016.
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