DUBAI, -- DIFC Investments LLC (DIFCI) announce that its gross operational profit during the 12 months ending 31 December 2016 increased to US$ 149 million, an increase of 4 percent compared to last year, as the number of active registered companies in DIFC rose to 1,648 in 2016, an increase of 13 percent.
Cash and cash equivalents increased to US$ 345 million, an 11 percent increase over 2015, and total assets increased to US$ 3,084 million, a 2 percent increase compared to 2015. Fair market value of investment properties rose to US$ 2,554 million compared to the 2015 figure of US$ 2,499 million, while rental income increased 5 percent in 2016, to US$147 million.
Commenting on the 'robust' performance as he delivered DIFCI's audited financial statements for the 12 months ending 31 December 2016, Essa Kazim, the Chairman of DIFC Investments LLC (DIFCI) and Governor of Dubai International Financial Centre (DIFC), the leading financial hub in the Middle East, Africa and South Asia, said: "I am pleased to report that our 2016 performance was robust. We continue to deliver stable revenue and growth thanks to our resilient business model and steady rental cash flows in a challenging macro-economic climate. DIFCI continued to create value and achieve profitable growth, delivering a solid operational and financial performance."
DIFCI's robust performance was a contributor to DIFC's broader 2016 success. DIFC experienced a strong 12 months, with the number of active registered entities increasing to 1,648, along with 21,611 professionals working in the Centre. This represents growth of 13 percent and 9 percent, respectively, from the prior year.
The occupancy rate was 98 percent in 2016. Construction is progressing well on Gate Avenue at DIFC, which will increase the Centre's portfolio of lifestyle, cultural and entertainment offerings.
Another development under construction, The Exchange, will offer further opportunities for new firms and growth in the Gate Village. There is already high demand for leases on the 147,000 square foot, AED180 million development.
Kazim noted, "We continue to focus on building a platform for long-term growth. Strategic investments, such as Gate Avenue at DIFC and The Exchange, will enhance our urban lifestyle and community offering. Continuous investments, such as this, will reinforce our strong position in the region and support Dubai's vision of being a leading global financial centre."
Source: Emirates News Agency