DIFC welcomes record number of companies
Dubai welcomed a record number of companies to its financial center in 2023 as competition heats up in the Gulf to attract businesses.
The Dubai International Financial Center, better known as DIFC, saw a 34% increase in new registrants last year, now with 41,597 workers and 5,533 companies, according to new figures released Thursday.
“Our aspirations are just beginning,” Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and Deputy Prime Minister for Finance and Economic Affairs, wrote on X on Thursday. “In the coming years, there will be plans for expansion and development of policies and legislation.”
The DIFC’s development aligns with the master plan for Dubai’s economic growth known as D33 that was introduced last year. D33 aims to double the size of Dubai’s economy, with a target of reaching 32 trillion dirhams ($8.7 trillion) by 2033 that would put it among the top global cities.
Dubai is leading regionally, with the DIFC a model for financial free zones in the Gulf, which are gaining in popularity amid economic diversification efforts that aim to boost foreign investment and trade. Opened in 2004 — the same year construction began on the Burj Khalifa next door — DIFC has poured money into developing an independent regulatory framework, a financial exchange and attractive places to do business to bring in financial firms and cut down on the cost of doing business in the region.
Saudi Arabia is taking a more direct approach: The kingdom now requires international companies vying for big contracts with Saudi Arabia to relocate their corporate headquarters to the kingdom. The move is a square-off with the UAE, which has long held the majority of regional headquarters and attracted the lion’s share of corporate spending.
King Charles III, Gates Foundation, OECD join COP28 coalition to address climate finance gap
Businesses and philanthropic organizations will meet at the COP28 climate conference to debate how the world can raise more than $3 trillion a year in a bid to reach net zero emissions.
To lead the event, the COP28 Business & Philanthropy Climate Forum has partnered with the Sustainable Markets Initiative, which was launched by King Charles III at Davos in 2020 before he ascended the throne. Also backing the initiative are the Bill & Melinda Gates Foundation, the International Finance Corporation, the Organization for Economic Cooperation and Development, the World Economic Forum, the Asian Development Bank, Africa Finance Corp. and XPRIZE.
The forum will convene 500 business and philanthropy leaders alongside policymakers, hosted by COP28 president-designate Sultan Al Jaber on Dec. 1 and 2.
“We are committed to hosting a fully inclusive COP, and it would be impossible to do this without the vital input of our business and philanthropy communities,” said Al Jaber, who is also the CEO of the Abu Dhabi National Oil Co. and chairman of alternative energy company Masdar.
On the agenda is how the private sector can help address the financing gap of over $3 trillion that scientists and policymakers say is required annually to achieve net-zero emissions, support climate adaptation, reverse nature loss and restore biodiversity.
As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first-ever “Global Stocktake” – a comprehensive evaluation of progress against climate goals. The UAE will also lead a process for all parties to agree upon a roadmap to accelerate emissions reductions and the energy transition.
The climate meeting will take place at Expo City Dubai from November 30 to December 12.
The conference is expected to draw over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts and youth leaders, according to organizers.
