UAE: DFSA Reports Significant 31% Increase In Authorised Firms For 2024

The Dubai Financial Services Authority (DFSA) reported a 31% rise in authorised firms for 2024, adding 135 new entities. This brings the total number of regulated firms to over 900. This growth underscores DFSA's dedication to enhancing the financial services sector within the Dubai International Financial Centre (DIFC), maintaining high regulatory standards, and supporting a diverse financial ecosystem.

In addition to firm authorisations, the DFSA approved 946 individuals and registered 17 Designated Non-Financial Business or Professional (DNFBP) corporate services providers. These include accountancy firms, legal practices, and compliance consultancies. This reflects growing confidence in DFSA's regulatory framework and highlights its role in fostering financial innovation while ensuring adherence to global standards.

The DFSA's achievements in 2024 highlight its mission to cultivate a dynamic, secure, and globally competitive financial market. As part of its commitment to market engagement, the DFSA collaborates with stakeholders, offering guidance and oversight that bolsters DIFC’s status as a leading international financial hub. In 2024, it conducted 23 outreach sessions and four roundtables to strengthen ties with the regulated community and key industry stakeholders.

Fadel Al Ai, Chairman of the DFSA, expressed satisfaction with the increase in authorised firms in 2024. He stated: "I am delighted with the significant increase in the number of authorised firms in 2024, taking the total number of regulated entities to more than 900. This progress reflects the DFSA’s commitment to ensuring that both new entrants and established firms receive the necessary support to thrive. The DFSA remains steadfast in its commitment to supporting the growth of the Dubai International Financial Centre (DIFC), contributing to the prosperity of Dubai and the UAE."

The DFSA prioritises transparency and engagement beyond regulatory oversight by focusing on resilience and continuous improvement. A crucial aspect is talent development, particularly nurturing Emirati professionals through specialised initiatives that equip them with skills needed for success in financial regulation. "By fostering a supportive environment for Emiratis to excel, we are building long-term opportunities that contribute to both the DIFC and the nation’s economic future," said Fadel Al Ali.

A recent graduate from DFSA’s 'Tomorrow’s Regulatory Leader’ programme, Ali AlRais, Associate Manager of Authorisation, remarked: "At the DFSA, we believe that our stakeholder-centric approach can drive positive change across the financial sector. By balancing innovation, long-term growth, and social responsibility, we aim to build a financial ecosystem that benefits not only our financial institutions but also the communities they serve."

The DFSA maintains a strategic focus on engagement and transparency while ensuring forward-thinking finance within DIFC, Dubai, and across UAE. The intersection of financial innovation and sustainability leads towards a more resilient and inclusive economy.

With inputs from WAM