Arif Amiri, the Chief Executive Officer of the Dubai International Financial Centre (DIFC), has anticipated a major economic boost in 2024, supported by several upcoming government Initial Public Offerings (IPOs) both in the UAE and Saudi Arabia.

In a statement to the Emirates News Agency (WAM), Amiri said that despite raising US$22 billion from 51 IPOs in 2022, Dubai is moving forward with plans for 10 more government IPOs. The remarkable success of Parkin’s IPO, which was oversubscribed 165 times and attracted $71 billion in demand, underscores this strategy’s significance.

He noted that IPO fees in the Middle East and North Africa exceeded $1.2 billion, with equity and equity-related deals generating $13 billion in 2023.

Amiri explained that the influx of high-net-worth individuals to Dubai, totalling 109,900 in 2023—including 298 centi-millionaires (with a net worth over $100 million) and 20 billionaires—has driven DIFC’s over 370 asset management firms to strengthen their local presence in order to meet demand, a requirement further supported by the Centre’s growing ecosystem for family wealth which currently includes more than 440 registered foundations, and more than 600 active entities affiliated with top family businesses and individuals.

To further cater to this demand, DIFC also officially launched the first Family Wealth Centre of its kind in the world in March 2023, to support family businesses as they future-proof their growth ambitions and succession plans in Dubai and beyond.