- 62% growth in wealth management
- The Dubai International Financial Centre (DIFC) now hosts 27 out of the 29 Global Systemically Important Banks (G-SIBs)
- The DIFC remains the world’s largest ESG sukuk market (USD 16.6b)
The Dubai Financial Services Authority (DFSA) today reported exceptional achievements for the first half of 2024, highlighting continued growth in the number of authorised firms and its ongoing commitment to fostering a robust and resilient regulatory environment within the DIFC.
In H1 2024, the DFSA authorised 61 new firms, marking a 22% increase compared to the same period in 2023, bringing the total number of regulated entities to 837. Notably, the wealth management sector experienced a 62% surge in authorised entities, reinforcing the DIFC's status as a premier hub for private banking and asset management in the region. The DIFC also now 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 USD 16.6 billion and USD 90.9 billion respectively. Additionally, the Centre hosts 199 securities on its official list, valued at USD 166.3 billion, including 43 ESG securities worth USD 28.6 billion listed on Nasdaq Dubai, cementing its role as a major player in sustainable finance.
The DFSA's proactive approach in policy development has significantly enhanced its regulatory frameworks by fostering a culture of implementing international best standards and practices and engaging in active stakeholder management. 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.
Reinforcing its commitment to protecting the reputation and integrity of the financial services industry, the DFSA 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, providing valuable insights for the industry.
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 has 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 is marked by our 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."
