Dubai Financial Services Authority (DFSA) saw a 25 percent increase in licensed firms in 2023, taking the total registered to 791.
This surge in licensing activities demonstrates the growing confidence in the DFSA’s regulatory framework and the attractiveness of the region for financial services companies.
The Authority posted 50 percent year-on-year rise in applications across all business models, reflecting the robust growth and diversity of the financial services sector within the Dubai International Financial Centre (DIFC).
The wealth management sector, in particular, witnessed substantial growth, with increased licensing applications from Private Banks, Asset Managers, and Fund Management companies.
Additionally, over 40 domestic fund registration applications were received, indicating a thriving investment landscape within the Centre.
The DFSA also experienced substantial growth in Environmental, Social, and Governance (ESG) securities listings, with a total value of $11.72 billion in new ESG bonds and Sukuk listed, bringing the outstanding ESG securities to $27 billion by the end of the year.
Read more: DIFC publishes its Sustainable Finance Framework
Fadel Al Ali, chairman of the DFSA, said: “Looking ahead to 2024, the 20th anniversary of the DIFC, we remain committed to supporting the vision of UAE and Dubai, fostering development, and collaboration within the DIFC community. As we celebrate our 20th anniversary, we reflect on our achievements and legacy while paving the way for continued engagement and delivering regulation that upholds the integrity of the DIFC.”
Addressing financial crime remained a top priority for the DFSA, as demonstrated by the signing of a Memorandum of Understanding (MoU) with the UAE’s Financial Intelligence Unit.
This collaboration strengthened efforts in anti-money laundering (AML) and combating the financing of terrorism (CTF).
Strengthening regulatory alignment with UAE federal regulations
Furthermore, amendments to the DFSA’s AML, CTF, and Sanctions Module aligned the regulatory body’s rules with new regulations and guidelines at the UAE Federal level.
In 2023, the DFSA solidified its international partnerships and commitment to regulatory cooperation by signing a total of 115 bilateral MoUs, five multilateral MoUs, and eight innovation agreements.
In keeping with the goal of safeguarding and enhancing the cybersecurity landscape within the DIFC, the DFSA continued to embrace technology and digital transformation as crucial drivers of efficiency, transparency, and security.
Their Threat Intelligence Platform (TIP) achieved a significant milestone by issuing over six million compromise indicators to users since its launch in 2020.
For more news on banking & finance, click here.
