The Dubai International Financial Centre (DIFC) has unveiled a series of strategic initiatives designed to solidify its role as the premier destination for wealth and asset management firms in the Middle East, Africa, and South Asia (MEASA) region. With the addition of over 400 companies in this sector, DIFC continues to strengthen its position as a global financial hub.
Salmaan Jaffery, Chief Business Development Officer of DIFC Authority, commented, “DIFC’s wealth and asset management community continues to experience rapid growth, which outperforms the market and differentiates our position as the region’s preferred financial centre for the sector. More than 400 firms in the sector now operate from DIFC, and to support the demand from hedge fund spinouts, fund platforms, and boutique asset management firms, we are delighted to launch the DIFC Funds Centre.”
Surge in Wealth and Asset Management Firms
DIFC has seen a remarkable influx of wealth and asset management firms, growing from 350 companies at the end of 2023 to over 400 in 2024. The Centre’s hedge fund ecosystem now hosts 60 hedge funds, including 44 within the prestigious ‘billion-dollar club,’ further cementing its reputation as a hub for high-value financial activity.
Among the recent additions to the DIFC community are renowned multi-strategy hedge funds, fund platforms, and global asset managers, including Allfunds, Bluecrest, and Polen Capital Management. These companies reflect the Centre’s continued appeal to global financial powerhouses.
DIFC Funds Centre: Supporting Growth and Talent
To accommodate this growing sector, DIFC is launching the DIFC Funds Centre in early 2025. The Centre will provide flexible solutions for firms looking to scale, with a focus on networking opportunities and peer-to-peer engagement. Wealth and asset management companies can now apply to join the Centre, which promises to offer a tailored environment for growth.
This initiative follows other recent partnerships with key financial organizations, such as the Alternative Investment Management Association (AIMA), the Standards Board for Alternative Investments (SBAI), and others. These partnerships aim to further develop Dubai’s wealth and asset management sector.
Promising Future for DIFC and Dubai
A report by the London Stock Exchange Group (LSEG) highlights Dubai’s leading role in the wealth and asset management industry, with the UAE seeing 9% growth in assets under management (AUM) in 2023. This trend is expected to continue, as Dubai remains a magnet for high-net-worth individuals (HNWIs), family offices, and major financial players. Dubai is home to 62% of the UAE’s HNWIs, and the country is projected to welcome an additional 6,700 millionaires in 2024.
Dubai’s appeal lies in its stable, business-friendly environment and access to a wealth of both public and private capital. Also, the city offers investors access to USD 3.5 trillion in private capital pools, making it the region’s top destination for private wealth.
In addition, Dubai excels in lifestyle offerings for top talent, providing a compelling environment for both professionals and their families, making it an attractive destination for global wealth and asset management firms.
