DFSA Reports Robust Growth and Regulatory Advancements in H1 2024

The Dubai Financial Services Authority (DFSA) has reported significant achievements in the first half of 2024, demonstrating its commitment to fostering a strong regulatory environment within the Dubai International Financial Centre (DIFC).

During this period, the DFSA authorized 61 new firms, a 22% increase from the same time in 2023, raising the total number of regulated entities to 837. The wealth management sector saw a remarkable 62% surge in authorized entities, reinforcing DIFC's position as a premier hub for private banking and asset management. DIFC now hosts 27 of the 29 globally significant banks (G-SIBs), highlighting its critical role in global finance.

The DFSA also played a key role in capital markets growth within the DIFC, which remains the world’s largest ESG sukuk market and the second-largest listed sukuk market, with assets valued at US$16.6 billion and US$90.9 billion, respectively. The Centre hosts 199 securities valued at US$166.3 billion, including 43 ESG securities worth US$28.6 billion listed on Nasdaq Dubai.

In H1 2024, the DFSA's proactive policy development enhanced its regulatory frameworks by issuing six consultation papers on critical topics such as crypto regulation and crowdfunding. The DFSA also took enforcement action, issued public alerts to combat scams, and published key reports offering valuable insights to the industry.

Fadel Al Ali, Chairman of the DFSA, stated,

"Our growth in H1 2024 underscores our dynamic regulatory approach and reinforces Dubai’s status as a global financial hub. We remain committed to market integrity and innovation as we move into the second half of the year."

News Source: Emirates News Agency