DIFC reaffirms position as region’s choice for Indian business and financial companies eyeing growth

Dubai, UAE; 9 December 2024: Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has reaffirmed its position as the UAE’s thriving business hub and strategic gateway for Indian financial institutions, multinational firms and start-ups. Indian organisations ranging from wealth and asset management firms, (re)insurance companies and tech and innovation businesses are using DIFC to access markets across the Middle East, Africa and South Asia region.

India and the UAE have held diplomatic relations since 1972. However, back in 2015, Prime Minister Narendra Modi became the first Indian Prime Minister to visit the UAE for 34 years. Since then, bilateral trade has grown from 59.5 billion US dollars to 83.6 billion US dollars. That visit and the 2022 Comprehensive Economic Partnership Agreement has reduced trade barriers and boosted investments beyond trade into other industries, including greater interest from financial services and technology related firms wishing to establish in the country.

The Centre has seen a rush of new Indian firms establishing across wealth and asset management and (re)insurance, sectors. Amongst the financial services names are ASK Asset & Wealth Management Group, Bharat Re Global Ltd, El Dorado Capital Limited, Beacon Insurance Brokers, Fort Capital, Mahindra Insurance Brokers, and Nuvama Wealth and Investment Limited.

Recent AI, FinTech and innovation new joiners include Auxilios Technology, Bajaj Finserv Direct Limited, Bureau Identity Technologies Limited, Delhi Technology Club, DPD Technologies Ltd, Finrock Global, Hush1.AI, MAFT Foundation, Millipixels Interactive LLP, Neokred Technologies Pvt. Ltd., Nuqi Digital Wealth, Patterns Cognitive, Peko Platforms Limited, Rizwan Sajan Foundation, Reliance International Limited, Sobha, Social Impact Labs, Softlabs Technologies, and Travog Expense Technologies, and The Octavia Investment Limited.

Salmaan Jaffery, Chief Business Development Officer at, DIFC Authority, said: “DIFC is the primary hub for Indian entities within the finance, technology, and innovation sectors. Deep economic ties have continued between the two countries since 1972 and now thrive in multiple sectors. We remain committed to extending this ecosystem to enable firms to achieve their growth ambitions for the Middle East, Africa, and South Asia region. Our world-class infrastructure and regulatory framework support these goals and consequently reinforces DIFC’s commitment to driving economic growth and steering the future of finance.”

As many as 4,300 millionaires are expected to leave India in 2024 with a bulk of them to the UAE, according to the Henley Private Wealth Migration Report 2024. DIFC is home to more than 800 family-related businesses, including 120 families and ultra-high-net-worth individuals, managing USD 1.2trn. Indian families are well represented. Many financial services businesses have already turned to DIFC for its vast ecosystem which includes over 230 banks, 120 insurance and reinsurance companies, 400 wealth and asset management firms and 65 hedge funds.

India’s tech prowess aligns with the UAE’s action plan to diversify and invest in innovation. DIFC recently partnered with NASSCOM, a not-for-profit industry association that functions as the apex body for the USD 245bn technology industry in India. According to the strategic partnership, DIFC will provide special arrangements to 10,000 startups registered with NASSCOM. The Centre will also become an Ecosystem Partner to Beyond Seed’s BeyondXccelerate programme which helps Indian start-ups think big and achieve bigger.

DIFC has also recently hosted over 50 of India’s leading FinTech Founders which saw Dubai prioritised as their first location during a UAE-based retreat programme. Attendees were welcomed by senior representatives from the Ministry of Economy, DIFC and Dubai Economy & Tourism.