The Dubai Financial Services Authority (DFSA) has released its 2024 Annual Report, highlighting a year of significant regulatory growth and strategic progress. By the end of the year, the DFSA supervised 902 regulated entities, marking a 14% year-on-year increase, largely driven by a 75% surge in licences issued to the wealth management sector. This sector includes fund managers, private banks, and investment banks. In capital markets, the DFSA oversaw USD 25.3 billion in new listings, raising the total outstanding listings to USD 138.5 billion.
Enforcement remained a priority, with action taken against five firms and three individuals, resulting in fines totalling USD 2.5 million. These measures addressed failures in systems and controls, as well as breaches of DFSA Principles, reflecting the Authority’s commitment to maintaining high regulatory standards across the Dubai International Financial Centre (DIFC). In a bid to safeguard market participants and the public, the DFSA also issued 30 consumer scam alerts throughout the year.
To support regulatory clarity and global alignment, the DFSA issued 10 consultation papers and conducted eight thematic reviews. It also deepened international cooperation, becoming a signatory to 117 bilateral memoranda of understanding (MoUs), five multilateral MoUs, and eight innovation agreements. These partnerships aim to enhance global supervisory coordination and foster innovation.
Fadel Al Ali, Chairman of the DFSA, emphasised the Authority’s enduring commitment to transparent and resilient financial oversight as it celebrated 20 years of regulatory leadership. He reiterated the DFSA’s focus on meeting the evolving needs of the market and supporting businesses within the DIFC and Dubai to succeed on the global stage. Chief Executive Ian Johnston echoed this sentiment, highlighting the DFSA’s achievements in regulation, collaboration, and stakeholder engagement, which have contributed to the DIFC’s position as a premier financial centre.
The year also saw the launch of the DFSA’s digital transformation programme, starting with personalised dashboards for new Representative Office applicants to track application status in real time. Talent development was another focus, with new leadership initiatives, the expansion of the DFSA Graduate Programme, and dedicated efforts to nurture future-ready UAE National professionals.
The DFSA Annual Report 2024 encapsulates a year of principled, proportionate, and progressive regulation, reinforcing market confidence, and outlining the Authority’s strategic direction. It also includes comprehensive financial statements, reflecting the DFSA’s ongoing dedication to transparency and public accountability.
