The Dubai Financial Services Authority (DFSA) has reported a 31% increase in authorized firms, bringing the total number of regulated entities to over 900 by the end of 2024. This expansion highlights the regulator’s commitment to maintaining a robust financial services ecosystem within the Dubai International Financial Centre (DIFC).
According to the DFSA, 135 new entities were added in 2024, further solidifying Dubai’s position as a global financial hub. Additionally, the authority authorized 946 individuals and registered 17 Designated Non-Financial Business or Professional (DNFBP) corporate services providers, which include accountancy firms, legal practices, and compliance consultancies.
DFSA: Commitment to Financial Stability and Economic Growth
DFSA Chairman Fadel Al Ali emphasized the importance of this growth in reinforcing Dubai’s financial sector.
“I am delighted with the significant increase in the number of authorized firms in 2024, taking the total number of regulated entities to more than 900,” said Al Ali. “This progress reflects the DFSA’s commitment to ensuring that both new entrants and established firms receive the necessary support to thrive. The DFSA remains steadfast in its commitment to supporting the growth of the Dubai International Financial Centre and contributing to the prosperity of Dubai and the UAE.”
The DFSA continued its collaboration with stakeholders by conducting 23 outreach sessions and four industry roundtables throughout the year. This approach strengthens regulatory oversight while fostering innovation and market confidence.
Empowering Emirati Talent and Future Financial Leaders
Beyond regulation, the DFSA remains dedicated to talent development, particularly among Emirati professionals. The Authority has launched specialized initiatives to equip local talent with the skills required for financial regulation, ensuring long-term economic sustainability.
“By fostering a supportive environment for Emiratis to excel, we are building long-term opportunities that contribute to both the DIFC and the nation’s economic future,” added Al Ali.
Ali AlRais, Associate Manager of Authorisation and a graduate of the ‘Tomorrow’s Regulatory Leader’ programme, echoed this sentiment:
“At the DFSA, we believe that our stakeholder-centric approach can drive positive change across the financial sector. By balancing innovation, long-term growth, and social responsibility, we aim to build a financial ecosystem that benefits not only our financial institutions but also the communities they serve.”
DFSA’s Role in Strengthening DIFC’s Financial Landscape
The DFSA oversees a diverse range of financial entities within the DIFC, including:
- Asset managers, banks, and fund managers
- Custody and trust services
- Commodities futures traders and securities firms
- Insurance and reinsurance companies
- Fintech firms and digital asset providers
With its commitment to regulatory excellence, innovation, and talent development, the DFSA continues to play a pivotal role in enhancing Dubai’s position as a leading international financial center.
