Dubai International Financial Centre (DIFC) is on track to meet its 2024 targets as it achieved major milestones of over 21,000 employees and over 1,500 firms in the centre during first half of this year, its top official says.

"We are making strong progress against our 2024 targets which are to have 50,000 employees, 1,000 financial firms, 5.5m square feet of occupied space, $250 billion of assets under management and a balance sheet of over $400 billion," Arif Amiri, chief executive officer of DIFC Authority, told Khaleej Times after releasing the first half results on Wednesday.

The leading financial hub for the $7.8 trillion Middle East, Africa and South Asia (MEASA) region reached another milestone of crossing over 1,500 firms, with 1,539 companies now based in the centre. As many as 143 new companies joined DIFC in the first half of the year alone, representing a 16 per cent growth on this time last year.

"Today, with over eight years to go until this landmark, major milestones have been reached with over 21,000 employees and over 1,500 firms in DIFC which are the areas we are focusing on today. Assets under management and the quality of firms continue to rise, with HSBC moving $40 billion of assets to DIFC earlier this year a testament to this success," Amiri said.

The 1,539 active firms in the centre are now made up of a record 425 financial services firms, an increase of 11 per cent on this time last year. About 914 non-financial firms, a 22 per cent increase on this time last year, and 192 retailers - two per cent increase on this time last year, taking a further 81,300 square feet of leased space. The global firms come from around the world with 33 per cent from the Middle East, 18 per cent from the EU, 15 per cent from the UK, 12 per cent from the US, 12 per cent from Asia and a further 10 per cent from elsewhere in the world. DIFC Governor, Essa Kazim, said Dubai and DIFC serve as the gateway to the world's fastest growing markets across the MEASA region.

"This is reflected in our latest results and initiatives, which represent a major milestone in delivering on the Centre's forward-looking 2024 strategy. We continue to invest in building our world-class ecosystem, and are committed to creating an environment that enables our clients to take advantage of new opportunities that arise in the region."

DIFC surpassed 21,000 employees working in the centre's firms, an important landmark as the centre looks to target 50,000 employees by 2024, meaning 42 per cent of the target has been met. About 21,076 employees, an increase of 14 per cent or over 2,500 new professionals, from this time last year, now work in the centre.

Looking ahead, the DIFC executives said the rest of 2016 and the next year will remain focused on the centre's growth strategy and leverage the momentum of the previous first half. This includes continuing to build up the centre's client base, developing new synergies and growth in its target sectors. One area of active development is fintech, where the DIFC will support, encourage and foster greater innovation in the centre.

"The DIFC will also explore opportunities to forge new links further across the South-South corridor and the MEASA region, which is anticipated to be worth some $10 trillion by 2020," they concluded.-