The Dubai Financial Services Authority has published its 2024 Annual Report, detailing regulatory developments, enforcement outcomes, and expansion across key financial sectors in the Dubai International Financial Centre.
The report confirms a 14 percent rise in regulated entities, enforcement actions totaling USD 2.5 million in penalties, and the rollout of updated frameworks in audit, crypto, and client asset protection.
154 New Regulated Entities in 2024
At the end of 2024, the DFSA regulated 902 entities, with new firm registrations increasing by 154. The report attributes much of this growth to a 75 percent rise in wealth management licenses, including authorizations for fund managers, private banks, and investment banks. In capital markets, the DFSA oversaw USD 25.3 billion in new listings, bringing total outstanding sukuk and bond listings in the DIFC to USD 138.5 billion.
DFSA Chairman Fadel Al Ali commented, “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.”
Chief Executive Ian Johnston 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.”
DFSA Published 10 Consultation Papers
The regulator published 10 consultation papers and eight thematic reviews in 2024. These covered topics including updates to regulatory expectations for digital assets, client money safeguards, and new audit standards. The DFSA also issued 30 scam alerts during the year to inform the public and market participants of unauthorized activity and potential misconduct.
Enforcement action was taken against five firms and three individuals, resulting in USD 2.5 million in fines. The actions addressed failures in systems and controls, breaches of regulatory principles, and other forms of misconduct. The DFSA said the enforcement outcomes reinforce its approach to deterrence and fair dealing.
The 2024 report confirms the DFSA’s increasing engagement with international regulators. It now maintains 117 bilateral Memoranda of Understanding, five multilateral MoUs, and eight innovation agreements. These partnerships aim to enhance regulatory coordination and support cross-border financial activity.
The DFSA also launched the first phase of its digital transformation initiative in 2024, introducing real-time application dashboards for new Representative Office applicants. It invested further in talent development, expanding its Graduate Programme and launching new leadership training to support UAE Nationals preparing for supervisory roles in financial regulation.