Dubai sets its goal to grab a position in the top ten by tripling its work force. In the next decade, the expanded workforce will help to hold the position in the global top ten lists. This expansion promises new and better contributions.
Dubai was in the 23rd position, with the top three global financial centers being in London, New York, and Hong Kong, according to the latest information. Essa Kazim, the governor and the chairman of DIFC, along with the DIFC authority, says that at the 10th anniversary of DIFC, it will triple its personnel and official capacity within the next ten years.
Around 1,000 companies will increase from 365 in 2024. The legalized numbers of companies are expected to rise from 17,860 to 50,000 over the next ten years, and the office space is expected to increase to 5.5 million square feet from the 2.5 million square feet obtained now. It is predicted that AUM (Assets under management) will increase to $250 billion. The current (declared in 2014) total of AUM is a total of $10.4 billion.
The budget of the financial companies will have a value of $400 billion within 2024. Now, the balance sheet is worth $65 billion. By 2024, the GDP will develop to 18% from 14, as DIFC will be contributing more. By encouraging the clients of DIFC to work more, it will help the growth by 30%. This is called extensive root process. The government of UAE said that the DIFC will be concentrating on three main areas. Those areas are investment banking, reinsurance activities, and capital markets. This was explained by Kazim.
The other 20% will be gathered from the construction relevance in the international sector. The two sectors to work on are family offices and resources and substance management. There are resources worth $7-8 trillion. According to him, only 1 trillion is being governed by the native companies.
In the end, Karim says that the possibility of governing AUM is immense, and Dubai needs to serve that and try to grab more attention of those who can be managed.