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The Dubai Financial Services Authority (DFSA), the independent financial regulator of the Dubai International Financial Centre (DIFC), has published its 2024 Annual Report, outlining a year of major regulatory advancements, sustained supervisory efforts, and enhanced stakeholder engagement.

According to the report, the DFSA introduced updated regulatory frameworks for audit practices, crypto assets, and client asset protection, strengthening its commitment to transparent, proportionate, and effective regulation. The authority published 10 consultation papers and eight thematic review reports in 2024, ensuring alignment with international standards and reinforcing its role as a globally respected regulator.

Enforcement and Licensing Activity

The DFSA took enforcement action against five firms and three individuals during the year, imposing fines totaling USD 2.5 million. These actions targeted breaches such as inadequate systems and controls and violations of DFSA principles. The regulator also issued 30 consumer scam alerts to raise public awareness and safeguard the DIFC financial community from potentially harmful practices.

The authority licensed and registered 154 new firms in 2024, raising the total number of regulated entities to 902 — a 14% increase from 2023. This surge was driven primarily by a 75% increase in wealth management licence issuances, reflecting strong demand in the sector from fund managers, private banks, and investment institutions.

Capital Market Growth and Global Cooperation

In capital markets, the DFSA reported USD 25.3 billion in new listings, bringing total outstanding listings to USD 138.5 billion. The DIFC continues to be one of the largest global jurisdictions for listed sukuk, with USD 95.4 billion in outstanding sukuk issuances.

The DFSA’s international engagement expanded significantly, with the authority now a signatory to 117 bilateral Memoranda of Understanding (MoUs), five multilateral MoUs, and eight innovation agreements. These partnerships enable greater cross-border regulatory cooperation and supervision.

Technological Innovation and Talent Development

2024 also saw the launch of the DFSA’s digital transformation programme. In its first phase, applicants to Representative Offices can now access personalised dashboards to monitor their application progress in real time. The Authority also strengthened its internal capabilities through leadership development initiatives and the expansion of the DFSA Graduate Programme, now renamed as the Tomorrow’s Regulatory Leaders Programme.

Leadership Reflections

Fadel Al Ali, Chairman of the DFSA, commented: “In 2024, the DFSA marked two decades of regulatory leadership and remained steadfast in fostering a transparent and resilient financial environment. We continued to evolve in line with the market's needs while upholding the highest standards of regulation.”

Ian Johnston, Chief Executive of the DFSA, added: “The 2024 Annual Report reflects our progress across multiple fronts—regulatory development, stakeholder engagement, and global collaboration. The DFSA remains committed to maintaining a trusted, well-regulated ecosystem for businesses operating in the DIFC.”

The DFSA Annual Report 2024 includes detailed financial statements and outlines the regulator’s strategic priorities, reinforcing its dedication to transparency, accountability, and market confidence.

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