DFSA Reports 14% Growth in Regulated Entities and Advances in Regulatory Oversight for 2024
The report outlines the DFSA's continued focus on maintaining transparent, proportionate, and effective regulation, aimed at supporting the development of the financial services sector within the DIFC while safeguarding market integrity.
As of the end of 2024, the DFSA supervised 902 regulated entities, an increase of 14% compared to the previous year.
This growth was largely driven by a 75% rise in licenses issued to the wealth management sector, which includes fund managers, private banks, and investment banks.
In capital markets, the DFSA oversaw new listings worth USD 25.3 billion, bringing the total value of outstanding listings to US$138.5 billion.
In terms of enforcement, the DFSA took action against five firms and three individuals in 2024, imposing fines totalling US$2.5 million.
These actions addressed various breaches, including failures in systems and controls as well as violations of DFSA Principles.
The regulator also issued 30 consumer scam alerts to raise awareness of potentially harmful activity within the financial community and the wider public.
To support transparency and alignment with international standards, the DFSA published 10 consultation papers and eight thematic reviews throughout the year.
It also expanded its international engagement, becoming a signatory to 117 bilateral MoUs, five multilateral MoUs, and eight innovation agreements, reflecting a focus on cross-border regulatory cooperation.
Marking its 20th anniversary in 2024, the DFSA reiterated its commitment to high regulatory standards.
Fadel Al Ali, Chairman of the DFSA, stated:
'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.'
The DFSA also began implementing the first phase of its digital transformation programme in 2024.
As part of this, new applicants at Representative Offices are now provided with personalised dashboards to track the status of their applications in real time.
In line with its strategic focus on talent development, the DFSA launched leadership initiatives and expanded its Graduate Programme (formerly known as the Tomorrow's Regulatory Leaders Programme), aimed at developing UAE National talent for the future regulatory landscape.
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