Chinese firms are using DIFC to access markets across the MEASA region, as well as Belt and Road Initiative (BRI) member countries which have strong connectivity through Dubai, the DIFC said.

During 2024, it had witnessed a surge in interest from banks, wealth and asset management firms, large corporations and organisations in the (re)insurance sector, primarily attributed to 40 years of diplomatic relations between the UAE and China.

The biggest names in the Chinese banking and financial services industry have set up operations out of DIFC, with 30% of these entities from the country being Global Fortune 500 companies.

Last month, Bank of Communications opened its regional headquarters in DIFC, joining other financial institutions including Agricultural Bank of China, Bank of China, China International Capital Corporation Securities Limited, CMB International Securities Limited, Construction Bank of China, Industrial and Commercial Bank of China and SINOSURE.

Large corporates and multinationals such as CNPC, Li Auto, NIO, Sinopec, State Grid Corporation of China, Terminus and ZTE have also established their presence in DIFC’s thriving ecosystem.

DIFC is home to the UAE’s only cluster of Chinese financial companies including the largest five banks, which collectively contribute over 30% of the Centre’s total banking and capital markets assets.

Chinese banks are actively issuing bonds on Nasdaq Dubai, including green bonds, with proceeds being used for renewable energy, seawater desalination, clean energy and transportation projects in the UAE and the wider region.

Over the years, Chinese issuers have listed over $22bn in debt on Nasdaq Dubai. Most recently, in November, bonds worth $2bn were listed on Nasdaq Dubai by China’s Ministry of Finance.

The Dubai Financial Services Authority (DFSA), the independent regulator for business conducted in or from DIFC, has also recorded an increase in applications and interest from the Chinese market.

Most recently, the DFSA, in association with the Alternative Investment Management Association (AIMA), co-hosted a familiarisation visit for wealth and asset management firms from China who are looking to establish a presence in DIFC.

Arif Amiri, chief executive officer at, DIFC Authority, said: “DIFC has become the financial centre of choice for Chinese entities within the finance sector as well as multinational companies. Economic ties between the UAE and China continue to deepen as the two countries mark their fortieth year of diplomatic relations, the statement said.

“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. Our infrastructure and regulatory framework support these goals, reinforcing DIFC’s commitment to driving economic growth and steering the future of finance.”

According to Dubai FDI Monitor, in the first half of 2024, China announced 25 FDI projects in Dubai, totalling $122m in investments. This marks a significant portion of Dubai’s foreign direct investment, highlighting the growing role of Chinese businesses in the region. Chinese investments in the UAE totalled $7.7bn between 2003 and 2023. Dubai has remained a top destination for Chinese investments, ranking among the top 3 globally for investment value.

The UAE is China’s second-largest trading partner (2022-2023). Trade between the two countries has reached $81bn in 2023, and is expected to increase to $200bn by 2030. The country is China’s most important strategic business partner in the Arab region, with about 60% of Chinese trade being re-exported through UAE ports to more than 400 regional cities.

BOCOM is the fifth largest bank in China and the fifth Chinese bank to open an office in DIFC. Currently home to more than 45 Chinese corporates, DIFC has also received interest from a number of banks, securities firms from China and Hong Kong, who are looking to expand in the region.

The DIFC branch of BOCOM will be used to promote economic, trade and investment cooperation between China and the MEASA region by fully leveraging its regional advantages and the comprehensive strategic partnership between the two countries. Today, China stands as Dubai’s largest trading partner.

The opening coincides with the 40th anniversary of diplomatic ties between the UAE and China, as well as the twentieth anniversary of the establishment of DIFC.

BOCOM was founded in 1908 and is listed on the Hong Kong and Shanghai Stock Exchanges, identified as a Global Systemically Important Bank, and ranked ninth in the world’s Top 1000 Major Banks in terms of Tier 1 capital by The Banker magazine. As of June 2024, BOCOM’s overseas institutions’ assets were RMB 1.24trn, which weighed in 8.79% of total assets. Currently, BOCOM has established 24 overseas institutions, forming a service network covering six continents and major international financial hubs worldwide.

Jiming Xu, chairman of the board of supervisors of BOCOM, said: “DIFC is a leading international financial hub in the Middle East, Africa and South Asia region and BOCOM is privileged to be part of DIFC’s dynamic ecosystem. Leveraging DIFC’s strategic positioning, the Bank looks forward to exploring new opportunities driven by the region’s rapid growth and the expanding collaboration between China and the UAE.”

Arif Amiri, chief executive officer of DIFC Authority, said: “We are delighted to welcome Bank of Communications to DIFC at a time when the bank is seeking access to the vast opportunities that exist between the UAE and China. They now join an integral part of the thriving ecosystem of more than 230 banks, and 27 of the 29 globally systemically important banks who use DIFC as a platform to benefit from Dubai’s strategic time zone, supportive legal and regulatory environment, and access to the region’s largest pool of financial services talent. We look forward to driving the future of finance with the Bank of Communications.”

Other Chinese banks with regional headquarters in the Centre include Agricultural Bank of China, Bank of China, China Construction Bank Corporation and Industrial and Commercial Bank of China.

The licence enables Rokstone to expand its services in the region through its new DIFC office, marking a significant step forward in the firm’s strategic growth ambitions.

Rokstone Dubai will capture regional business in MENA not currently coming to London and expand Rokstone’s offering to regional carriers who cannot access its distribution in London.

Initially, it will focus on offering Specialty Risk solutions in Direct & Facultative Property, Construction, Aviation, Marine Cargo and Surety. Taking advantage of the fast-growing insurance market in the UAE, and a tangible desire to place more speciality business in the MENA region as a whole, other products from Rokstone’s existing portfolio may be added in future as local distribution and market dynamics dictate.

There is currently a team of seven in the new office with plans to expand headcount significantly in the coming months. Rokstone Dubai is supported by a strong selection of A-rated capacity from long-term carrier partners.

James Potter, CEO of Rokstone, said: “We are excited to officially launch our Dubai office, expanding our MGA model to MENA. Dubai and DIFC are a growing and thriving regional hub which opens up new distribution to regional markets. There is a good talent base there and a well-connected transport hub for the region.

“With its current favourable economic policy, high level of investment, and demand for high quality reinsurance underwriting, Dubai is well suited to an established, yet nimble MGA like Rokstone. Our specialist knowledge, use of technology, and our disciplined approach means we have a lot to offer both brokers and carriers operating in the region.”

Salmaan Jaffery, chief business development officer, DIFC Authority, said: “We welcome Rokstone to DIFC and look forward to helping them capture opportunities in the region. As one of the fastest growing MGAs, Rokstone brings capacity and expertise to the region and expand their services from the ground more effectively, supporting the growth of DIFC’s (re)insurance sector and positioning the Centre as a global hub for the industry.

“Within DIFC, MGAs including Rokstone now account for over 40 per cent of the sector, who are thriving because of opportunities in an underpenetrated regional market, our legal and regulatory framework, potential partnership opportunities, as well as an evolving risk environment.”

Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East.

In a statement announcing a range of new initiatives, it said the DIFC Funds Centre will be ideal for companies and talent that are looking to scale-up, prefer access to a flexible range of working solutions, and enjoy peer-to-peer networking. Wealth and asset management applicants are welcome join the waitlist now, with places being allocated on a first-come first-served basis.

The new centre is the latest strategic initiative designed to develop the wealth and asset management sector industry, with other recent action plans including partnerships with the Alternative Investment Management Association (AIMA), Deal Catalyst, HFM and the Standards Board for Alternative Investments (SBAI).

Salmaan Jaffery, chief business development officer, DIFC Authority, said: “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.”

DIFC further said it continues to experience an influx of wealth and asset management firms. The centre was home to 350 companies in the sector at the end of 2023 and this has rapidly grown to more than 400, outperforming the UAE financial free-zone market ten-fold. The Centre’s hedge fund ecosystem continues to boom with 60 pure play hedge funds now operating in DIFC, including 44 ‘billion-dollar club’ funds.

Recently authorised joiners include multi-strategy hedge funds, fund platforms, investment management regulatory hosting solutions and global asset managers. Company names include Allfunds, Aster Capital Management, Bluecrest, Eisler Capital (DIFC) Ltd, JNE Partners, Polen Capital Management, Principal Investor Management (DIFC) Limited, TCW Investments, Tudor Capital and Westbeck.

A report by LSEG report has recently outlined the latest trends in the global wealth and asset management landscape, with the UAE emerging as a notable booking centre, witnessing 9%  growth in AUM, higher than any other booking centre in 2023.

The report highlights how DIFC is benefitting from wealth inflows into Dubai and the wider region, including as a growing number of millionaires, centi-millionaires, family offices and prominent financial players. Dubai is home to 62 per cent of these HNWIs. The UAE is forecast to see the largest net gain of millionaires, welcoming a further 6,700 in 2024.

The city was also characterised as a stable, business-friendly location accessing over 40 regional sovereigns, including Dubai’s own the Investment Corporation of Dubai and Dubai Investment Fund. Clients can also tap into $3.5trn worth of private capital pools, since Dubai is capital of private capital – the city is home to region’s highest concentration of wealth.

In a statement today (30 July), it said a total of 820 new companies also joined DIFC in the first six months with the FinTech and Innovation sector notably seeing the number of firms grow from 811 to 1,081, up 33% year-on-year.

DIFC companies created 4,647 new jobs during the last 12 months, with the total workforce now standing at 43,787, an increase of 12% from the first half of last year.

DIFC is home to the largest cluster of financial firms in the region and outperforms the market for growth. Over 370 wealth and asset management firms, including more than 50 pure play hedge funds are now based in the Centre, originating primarily from the GCC, Europe, UK and the US. Assets under management in DIFC have increased from $444bn to $700bn, an increase of 58%.

The number of funds being marketed in or from DIFC has advanced to 10,032, increasing from 7,641 – a substantial 31% increase. The insurance and reinsurance sector now includes 125 companies, up from 110 which represents 14% growth.

During the first half of 2024, it was confirmed that 2023 Gross Written Premiums for the insurance sector reached $2.6bn, rising from $2.1bn, an increase of 24%.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, first deputy ruler of Dubai, deputy prime minister and minister of finance of the UAE and president of DIFC, said: “DIFC’s exceptional performance in the first half of 2024 reflects the comprehensive development vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Over the past two decades, DIFC’s commitment to innovation, excellence, and strategic growth has not only shaped Dubai’s reputation as a major global financial centre but also contributed to the UAE’s sustainable growth and the economic development of the region.

“By fostering a robust financial ecosystem, attracting top-tier talent and institutions, and establishing strong networks of global cooperation, DIFC has opened new growth avenues, positioning Dubai as a key focal point for international finance and commerce.

“Consistent with the goals of the Dubai Economic Agenda D33 to establish the city as one of the world’s top three urban economies and double its GDP over the next decade, we will continue to expand and diversify the financial services community in DIFC. We are also steadfast in our commitment to driving the growth of emerging sectors and advanced financial technologies.

“Over the coming years, we seek to further enhance DIFC’s industry ecosystem to meet the evolving needs of the global economy and enable businesses, entrepreneurs and investors to tap promising new opportunities.”

Occupancy levels for DIFC owned and managed properties remained high at 99.6%. Third party commercial office space occupancy stands at 89%. To address the high demand for A-grade, LEED certified commercial premises, DIFC will bring another 1.6mn sq. ft. of commercial space to market over the next three years. The expansion further highlights DIFC’s growth plans and premium urban real estate ambitions, creating capacity that caters to the demand from wealth and asset management firms, family offices, insurance and re-insurance companies, innovation firms, and the banking and capital markets sector.

fDI Intelligence data identified DIFC as the number one free zone in the world for greenfield FDI projects, which totalled 116 and were valued at USD 481mn in 2023. Since 2021, the number of projects has increased by 53 per cent.

Essa Kazim, governor of DIFC, said: “Aligning with the Dubai Economic Agenda D33, DIFC continues to showcase unparalleled growth, cementing its position as the leading global financial centre in the region. Coinciding with the Centre’s 20th anniversary, DIFC’s achievements ensure the financial services industry continues to increase its contribution to the economy. We remain laser-focused on delivering DIFC’s Strategy 2030 by driving growth and shaping the future of finance which will be achieved by keeping innovation at the top of our agenda.”

Arif Amiri, chief executive officer of DIFC Authority, said: “DIFC’s consistently strong performance over the last 20 years, including the first half of 2024, solidifies our prominence as the number one financial centre in the Middle East, Africa and South Asia. The Centre is now home to more than 6,000 companies and close to 44,000 professionals. This significant scale provides DIFC and its clients with an unrivalled opportunity to collectively drive the future of finance across the region.”

The recent influx of firms include Africa Speciality Risks, AllianceBernstein, Audere Capital Limited, Banca Del Sempione Ltd, Balyasny Asset Management, Baring Asset Management, Blue Owl Capital, Capital Asset Management, Carrhae Capital, El Dorado Capital Limited, Exodus Point, GID Investment Advisors LLC, Hayfin, Lone Star Europe Acquisitions, Novia Global Limited, Ominvest Capital (DIFC) Limited, Patient Square Capital, Point72 (DIFC), Revolut, State Street Global Advisors, Taula Capital Management (DIFC) Limited and Theia Investments Limited.