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E-mail China.org.cn, February 20, 2025
Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.
In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities.
In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China's Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC's total banking and capital markets assets, solidifying Dubai's reputation as the UAE's largest hub for Chinese financial firms.
"DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies," said Arif Amiri, chief executive officer of DIFC Authority. "We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region."
The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China's Ministry of Finance.
In 2024, DIFC achieved impressive performances across multiple sectors. The center's combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.
Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai's ambition to become the top global financial center, further highlight DIFC's role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center.
