The Dubai Financial Services Authority (DFSA) reported on 29 August that it had authorised 61 new firms over the first half of 2024, marking a 22% increase compared to the same period in 2023 and bringing the total number of regulated entities to 837.
The wealth management sector "notably" experienced a 62% surge in authorised entities, while it now also hosts 27 out of the 29 G-SIBs, "underscoring its critical role in the global banking network".
The DFSA contributed to facilitating the growth of the capital markets in the DIFC, which remains the world’s largest ESG sukuk market and the second largest listed sukuk market after Dublin, with a value of $16.6bn and $90.9bn respectively.
Additionally, the centre hosted 199 securities on its official list, valued at $166.3bn, including 43 ESG securities worth $28.6bn listed on Nasdaq Dubai, cementing its role as a major player in sustainable finance.
In H1 2024, the DFSA issued six consultation papers on diverse and important topics, including crypto regulation, the audit regime, crowdfunding, and credit funds. "This initiative ensures a robust and adaptive regulatory environment that addresses emerging financial trends and challenges", it said.
DFSA further took one enforcement action and issued nine public alerts to consumers and the financial community about common and more sophisticated forms of scams. The DFSA also published four key reports on firm disclosures, brokerage, private banking, and liquidity coverage ratios.
In fostering dialogue and promoting ongoing engagement, the DFSA held numerous outreach sessions and roundtables with key stakeholders throughout the first half of 2024, and participated in over 20 high-profile local and international public speaking events centred on topics such as supervisory practices, regulation, financial crime, and sustainability.
The DFSA said it had been strengthening its relationships and alliances with regulatory counterparts across the globe and closer to home, while continuing to play an active role in relevant international standard-setting bodies.
This was marked by continued engagement with notable organisations such as the Basel Consultative Group, the International Organisation of Securities Commissions, the International Association of Insurance Supervisors, the Islamic Financial Services Board, the Global Financial Innovation Network, the Network for Greening the Financial System, the International Forum of Independent Audit Regulators, the International Accounting Standards Board, and the Union of Arab Securities Authorities.
Fadel Al Ali, chairman of the DFSA, said: The impressive growth of the DFSA during H1 2024 is a testament to our dynamic regulatory approach and our leading role in enhancing the appeal of the DIFC and of Dubai as a key global financial hub.
"By actively engaging with global financial communities and contributing to discussions with international standard-setters, we are not only enhancing our domestic financial landscape but also playing a crucial role in shaping the future of global finance. The DFSA maintains a steadfast commitment to system integrity, rigorously eliminating any threats to market transparency and reputation.
"As we move into the second half of 2024, the DFSA remains dedicated to upholding market integrity, protecting investors, and fostering financial and digital innovation in the DIFC, Dubai, and the UAE."
