The Banking Executive Magazine - February 2022

DIFC crease in operating profit. Operating profit for 2021 reached AED573 mil- lion, an increase of 26 per cent ver- sus AED457 million in 2020 and up by 13 per cent compared to AED510 million in 2019. For the first time, total assets crossed AED14.80 billion (USD 4 billion), which reflects the strong financial position of DIFC. DIFC continued to benefit from strong appetite for its A-class, cen- trally located premises. In the past year, an additional 350,000 sq. ft. of commercial space was leased across DIFC versus 201,900 sq. ft. in 2020, up by 73 per cent. Total banking assets booked in DIFC increased to USD 198.5 billion from USD 189.4 billion in 2020, up by 5 per cent. This represents about 20 per cent of consolidated UAE finan- cial sector banking assets. An addi- tional USD 108.1 billion of lending was also arranged by DIFC firms, up from USD 64 billion in 2020, an in- crease of 69 per cent. DIFC based Wealth and Asset Management port- folio managers invested USD 151.4 billion in 2021 compared to USD 145.6 billion in 2020, up by 4 per cent. Gross Written Premiums for the insurance sector reached USD 1.8 billion, rising from USD 1.7 billion in 2020, an increase of 8 per cent. H.H. Sheikh Maktoum bin Mo- hammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and President of the Dubai Interna- tional Financial Centre, said: "DIFC’s best ever annual performance re- flects Dubai’s position at the forefront of global recovery in the financial sector and the broader economy. The Centre’s ability to continue building a thriving financial community amidst a rapidly changing interna- tional environment demonstrates the far-reaching vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which has enabled the emirate to create a strong economy fuelled by innova- tion." "DIFC’s exceptional results are also a testament to the trust that local, re- gional and global businesses have placed in the Centre as a financial in- dustry hub that promotes growth and business enterprise. DIFC’s contin- ued success has also been driven by the solid and enduring partnerships Dubai has built with leading global financial companies by providing them the high-quality hard and soft infrastructure needed to raise their competitiveness in an evolving in- dustry," His Highness added. Amongst its 3,644 entities, DIFC is home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance compa- nies, five of the top 10 asset man- agers and many leading global law and consulting firms. Significant growth has been achieved across business sectors, including banking, capital markets, wealth and asset management and professional services. Exponential numbers of new clients came from the FinTech and Innovation sectors. In 2021, these increased to 503 from 303 in 2020. Notable firms joining DIFC in 2021 included: Air Liquide Middle East & India Holding Limited, Bentall- the BANKING EXECUTIVE 28 ISSUE 158 FEBRUARY 2022