The Dubai Financial Services Authority (DFSA) reported significant achievements in the first half of 2024, highlighting growth in authorized firms and a commitment to strong regulatory practices within the Dubai International Financial Centre (DIFC).
In H1 2024, the DFSA authorized 61 new firms, a 22% increase from the same period in 2023, bringing the total to 837. The wealth management sector saw a 62% rise in authorized entities, solidifying DIFC’s status as a leading hub for private banking and asset management. Additionally, 27 of the 29 Global Systemically Important Banks (G-SIBs) now operate within the DIFC, emphasizing its critical role in global banking.
The DFSA also supported the capital markets, with the DIFC becoming the world’s largest market for ESG sukuk and the second largest for listed sukuk globally. The DFSA issued six consultation papers on important topics, including crypto regulation, and took one enforcement action while issuing nine public alerts to safeguard the financial community.
Chairman Fadel Al Ali praised the DFSA's growth and its role in enhancing Dubai’s status as a global financial hub, affirming its commitment to market integrity and innovation in the second half of 2024.
