Dubai Financial Services Authority unveils licensing statistics for 2023

Omar Abbas - | Business

The Dubai Financial Services Authority (DFSA) emphasized a time of expansion, innovation, and major contributions to Dubai's economic landscape in its annual report for 2023.

At present, the DFSA is in charge of 791 licenses, which is a notable 25% rise over the previous year. The increase in license activity is indicative of the growing trust in the DFSA's regulatory framework as well as Dubai's growing status as a financial services hub.

The Dubai International Financial Centre (DIFC) will celebrate its 20th anniversary in 2024. Fadel Al Ali, Chairman of the DFSA, reiterated the authority's dedication to advancing Dubai's vision and the United Arab Emirates. He placed a strong emphasis on maintaining regulatory integrity while promoting growth and cooperation among the DIFC community.

The study found that applications for all business models rose by a startling 50% annually, indicating robust expansion and diversification in the DIFC's financial services sector. The increase in license applications from fund management companies, asset managers, and private banks shows how much the wealth management sector has expanded. An active investment climate is also evidenced by the Center's receipt of over 40 applications for the registration of domestic funds.

ESG Securities and Financial Crime Prevention

The Environmental, Social, and Governance (ESG) securities listings have grown significantly, according to the DFSA. In 2023, $11.72 billion worth of new Sukuk and ESG bonds were listed. With this, the Center's commitment to sustainable finance is highlighted, since the total amount of issued ESG securities by year's end will reach $27 billion.

The DFSA continues to place a high focus on combating financial crime, as evidenced by the Memorandum of Understanding (MoU) it signed with the Financial Intelligence Unit of the United Arab Emirates. This collaboration supports counterterrorism financing (CTF) and anti-money laundering (AML) initiatives. Furthermore, the AML, CTF, and Sanctions Module modifications of the DFSA bring the authority's rules into compliance with the most recent Federal UAE norms and laws.

As a means of preserving and improving the cybersecurity environment in the DIFC, the DFSA persisted in acknowledging technology and digital transformation as vital components that propel efficacy, openness, and safety. Since its inception in 2020, their Threat Intelligence Platform (TIP) has issued more than six million compromise indicators to users, marking a noteworthy milestone.

Promoting Innovation and Efficiency

The DFSA’s commitment to fostering innovation and efficiency was evident in its initiatives throughout 2023. The authority implemented measures to streamline regulatory processes, ensuring a conducive environment for businesses while maintaining regulatory standards. This proactive approach contributed to the Center’s attractiveness to financial services firms, as reflected in the surge in licensing activity.

DFSA's efforts to prevent financial crime and enhance financial integrity were greatly aided by collaborative collaboration. The authority's dedication to promoting collaboration and information sharing in the battle against illicit financial activities is demonstrated by the signing of the Memorandum of Understanding with the Financial Intelligence Unit of the United Arab Emirates. Such alliances support the general stability and standing of the DIFC as a preeminent financial hub, in addition to improving the efficacy of regulatory initiatives.

The 2023 annual report from the DFSA details a year of strong expansion, inventiveness, and significant additions to Dubai's economic landscape. The DFSA is dedicated to promoting a vibrant and robust financial services industry within the DIFC while also supporting the vision of the United Arab Emirates and Dubai. It does this by prioritizing regulatory integrity, cooperation, and technological progress.

About Author

Omar Abbas
Omar Abbas
203 Total posts


Read Also

Business
UAE: DIB resolves salary payment issues post-system upgrade

A recent system upgrade caused disruptions in some clients' wage payments, which Dubai Islamic Bank (DIB) resolved.

Business
UAE: Al Maktoum Airport to Revolutionize Economy and Tourism

Dubai's Al Maktoum International Airport (DWC) represents a monumental leap forward in the emirate's ambitious plans for economic expansion.

Business
Dubai Chamber of Commerce introduces Colombian Business Council initiative

The Colombian Business Council will be established, according to plans revealed by the Dubai Chamber of Commerce, in a major step toward strengthening business ties.

Business
UAE announces the deadline date for mandatory corporate tax registration

The UAE's Federal Tax Authority (FTA) has released a strict guideline on corporate tax registration, highlighting the need for resident enterprises with licenses granted in March or April to comply.

Business
Dubai rental prices expected to increase by 10% for the rest of 2024

Dubai rents rose by almost 10% in the first half of the year, and experts predict that the city's housing market would see another 10% increase in the second half.

Business
UAE Central Bank launches Digital Dirham to revolutionize financial landscape

The Central Bank has revealed its plan to implement the "digital dirham," a step that will completely alter the banking and currency industries.

Business
UAE launches New Measures to Stop Unwanted Marketing Calls and Protect Privacy

The Communications and Digital Government Regulatory Authority has implemented steps to safeguard community members from the nuisance of unsolicited marketing calls.

Business
UAE reveals new regulations sparking concerns among cold callers

For Mohammed A, a Sri Lankan expat in Dubai, the prospect of a job wasn't just about employment; it was a chance at redemption.

Business
UAE: Banks introduce discounted financing rates for Golden Visa holders

Banks in the United Arab Emirates are rolling out the red carpet for Golden Residency holders, offering a suite of financial products tailored to meet their unique needs and preferences.

Business
Britain begins circulating banknotes bearing the image of King Charles

Wednesday saw the introduction of King Charles' portrait banknotes into circulation in Britain, almost two years after he succeeded the late Queen Elizabeth II.

Business
New York Stock Exchange says glitch that showed Berkshire Hathaway down has been resolved

A technical issue that forced trading for several large equities to halt and resulted in a 99.97% decline in Berkshire Hathaway's stock price was fixed, the New York Stock Exchange announced on Monday.

Business
Indian stocks decline amid poll expectations

Tuesday saw the biggest sell-off in Indian stocks in four years as the results of the vote counting indicated that the alliance led by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) may not secure an overwhelming majority, as...

Business
UAE declares significant fuel price decrease for June 2024

Recently, news of lower fuel prices starting in June 2024 from the United Arab Emirates (UAE) grabbed headlines.

Business
Emirates Airlines announces the exclusion of Boeing 777X deliveries

Emirates Airlines, a leading global carrier, continues to navigate the dynamic aviation landscape with strategic decisions aimed at enhancing operational efficiency and customer satisfaction.

Business
Saudi Aramco’s $12 billion stock offer sells out in hours

The $12 billion share offering by Saudi Aramco was fully subscribed quickly after it opened on Sunday, which is good news for the government, which is looking to raise money to support a significant economic transformation plan.

Business
UAE announces an annual noon work ban to protect workers starting from this date

In a steadfast commitment to safeguarding worker health and well-being, the Ministry of Human Resources and Emiratization of the United Arab Emirates (UAE) has reinstated its annual noon work ban.

Business
UAE, Qatar sign agreement to prevent double taxation

The United Arab Emirates and Qatar have recently entered into an agreement aimed at preventing double taxation and combating fiscal evasion of income taxes.

Business
Abu Dhabi Chamber unveils UAE Digital Commerce and Innovation Growth Plans

A study showcasing the substantial expansion and promise of digital commerce in the United Arab Emirates was released by the Ministry of Economy and the Abu Dhabi Chamber.

Business
UAE Cybersecurity unveils strategies for secure remote work

The UAE Government Cybersecurity Council is sounding the alarm on the pressing need to fortify remote work environments.

Business
Dubai World Trade Center unveils the Work-from-Home License Initiative

Dubai World Trade Center (DWTC) has introduced commercial license packages tailored for remote work within "Expo Village," situated in the vibrant Expo City of Dubai.

UAE: SALIK records 562 AED million in revenue in Q1 2024