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Key Highlights from the DFSA Annual Report 2024:
- Introduction of updated regulatory frameworks for audit, crypto, and client assets.
- 10 consultation papers and eight thematic review reports published, reinforcing transparency and alignment with international best practices.
- Enforcement action taken against five firms and three individuals, resulting in fines totalling USD 2.5 million.
- 154 new firms licensed and registered, bringing the total to 902 regulated entities – a 14% increase from 2023, led by a 75% surge in wealth management licence issuances.
- The DIFC remains one of the world’s largest jurisdictions for the issuance of listed sukuk with USD 95.4 billion of outstanding sukuk listings.
- The DFSA is now a signatory to 117 bilateral Memoranda of Understanding (MoUs), five multilateral MoUs, and eight innovation agreements – facilitating regulatory cooperation and collaboration.
The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has published its 2024 Annual Report, outlining key regulatory developments, continuous supervisory activity, and strengthened stakeholder engagement.
The report reflects the DFSA’s continued commitment to delivering transparent, proportionate, and effective regulation – supporting the broadening and deepening of the financial services sector within the DIFC while maintaining its integrity.
With 902 regulated entities at year-end, the DFSA recorded a 14% year-on-year increase – driven in large part by a 75% growth in licences issued to the wealth management sector, which includes fund managers, private banks, and investment banks. In capital markets, the DFSA oversaw USD 25.3 billion in new listings, raising outstanding listings to USD 138.5 billion.
The DFSA took enforcement action against five firms and three individuals in 2024, resulting in fines totalling USD 2.5 million – underscoring its commitment to upholding high regulatory standards in the DIFC by deterring wrongdoing and fostering compliance. These actions addressed a range of misconduct, including systems and controls failures and breaches of DFSA Principles. The DFSA also issued 30 consumer scam alerts to inform the public and the DIFC financial community of potentially harmful conduct.
Throughout 2024, the DFSA issued 10 consultation papers and eight thematic reviews, maintaining regulatory transparency, alignment with international standards, and a responsive approach to emerging market trends. It also expanded its global footprint, becoming a signatory to 117 bilateral MoUs, five multilateral MoUs, and eight innovation agreements – reinforcing international collaboration and supervisory cooperation.
Fadel Al Ali, Chairman of the DFSA, said: “In 2024, the DFSA marked two decades of regulatory leadership, and remained steadfast in its commitment to fostering a transparent, resilient, and well-regulated financial environment. We also remained focused on being responsive to the market’s evolving needs, maintaining the high standards of regulation and ensuring that every business that chooses the DIFC and Dubai as their home – has the support and resources they need to thrive in the dynamic global economy.”
Ian Johnston, Chief Executive of the DFSA, added: “As highlighted in the DFSA Annual Report 2024, much has been achieved in this year of growth, engagement, and collaboration. We have continued to reinforce our commitment to delivering transparent, accountable, and forward-looking regulation. This reflects the dedication of the DFSA’s teams and the strength of our engagement with stakeholders – locally, regionally, and internationally. Together, we have created an environment where the DIFC can continue to thrive as a global financial hub.”
In 2024, the DFSA launched the first phase of its digital transformation programme, where new applicants at Representative Offices are now enabled with personalised dashboards to track the status of their applications in real time. The DFSA also continued investing in people – launching leadership development initiatives, expanding the DFSA Graduate Programme (formally known as the Tomorrow’s Regulatory Leaders Programme), and delivering tailored initiatives to develop future-ready UAE National talent.
The DFSA Annual Report 2024 is a testament to the Authority’s principled, proportionate, and progressive regulation, an unwavering commitment to market confidence, and a clear articulation of its strategic priorities. It also features detailed financial statements, reinforcing the DFSA’s commitment to transparency and public accountability.
The full report is available on the DFSA website.
