Dubai’s financial hub, the Dubai International Financial Centre (DIFC), has become a magnet for family offices, now managing over $1 trillion in assets. This rapid growth is fueled by an influx of high-net-worth individuals and families who have chosen Dubai as a base for their wealth and business operations in recent years.
“Family businesses play a crucial role in driving Dubai’s economy,” remarked Arif Aamiri, CEO of DIFC Authority, at the Future of Finance event held in the city. According to Aamiri, the DIFC currently hosts over 120 family offices and 800 family-related entities, collectively overseeing more than $1.2 trillion in assets. This underscores Dubai’s appeal as a global hub for wealth management and financial services.
This surge in family offices coincides with broader growth at the DIFC, which has seen its employee base grow by an impressive two-thirds since 2019, reaching nearly 44,000 by mid-2023. The financial hub is preparing for further expansion, anticipating a record number of firms to establish operations this year. To accommodate this growth, DIFC is constructing three new office towers, reflecting its confidence in sustained demand.
Dubai’s appeal extends beyond family offices. The United Arab Emirates (UAE), of which Dubai is a part, is forecasted to be the top destination for relocating millionaires in 2024, according to a report by migration advisory firm Henley & Partners. This trend highlights the city’s reputation as a haven for affluent individuals and financial institutions seeking a favorable regulatory environment, world-class infrastructure, and a strategic geographic location.
Additionally, Dubai has become a hub for the hedge fund industry, attracting major players such as Millennium Management and Balyasny Asset Management. The industry’s workforce in Dubai has now surpassed 1,000, with the DIFC hosting 60 hedge funds and 44 billion-dollar funds, according to Bloomberg News.
“We are now ranked among the world’s top ten locations for hedge fund activity,” Aamiri noted. “With the current trajectory, we are poised to become one of the top five global hubs in the coming years.”
The DIFC’s growth reflects the broader economic ambitions of Dubai and the UAE, which continue to position themselves as a leading destination for global capital, wealth, and talent.
