Dubai’s international financial centre (DIFC) stands out as the hub of the wealth management industry in the MENA region, with seventeen years of exceptional growth.
At the end of 2020, a total of 915 financial companies were active, and 303 operated in the FinTech and Innovation ecosystem. Before we take a deeper dive, let's highlight the importance of the region globally.
Middle Eastern countries hold about 50% of global oil reserves, and it is this precious commodity which has helped amass a substantial amount of wealth. In the GCC alone, sovereign wealth funds are estimated to hold roughly $2.5 trillion.
In a bid to promote tourism and local businesses, the region is witnessing some major events playing off in its backyard. In 2022 Qatar will host the World Cup, the most televised event on the planet. Saudi Arabia on the other hand will host its first Formula 1 race joining Abu Dhabi, and Dubai is welcoming the world for six months to Expo 2020. The region has become a global hub, a link between the East and West, a gateway for Asia’s businesses to Africa, a home for expatriates and entrepreneurs who have found success and prosperity over the last twenty years.