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DFSA sees exceptional growth in 2023 with record number of companies registered

Today the DFSA announces that they have had an exceptional year of growth in 2023.

The region’s top regulator licensed and registered a record 117 companies during the 12-month period, a 25% increase on the previous year. Licensing growth was observed in several segments of the financial services sector.

He DFSA noted a notable increase in the number of asset managers and hedge fund managers establishing a presence at the DIFC, with the latter recording 125% year-on-year growth. Additionally, from November 2023 Nasdaq Dubai, The DIFC exchange owns the world’s largest listed ESG sukuk market, valued at $27 billion; this includes more than 60% of ESG-denominated sukuk in the United States. Nasdaq Dubai remains the world’s second largest location for the publicly traded sukuk market.

Fadel Al Ali, president of the DFSAsaying:

“The remarkable achievements of 2023 are a testament to our dedication not only to regulating the present but also to shaping and governing the future. Our goal is to become a global benchmark as an international regulatory body, offering excellence in conjunction with the government’s strategic vision, including the D33 Dubai Economic Agenda.”

In addition to the growth of licensed businesses, this period also saw an increase in relationship building for the DFSA who made significant progress in strengthening ties with local and international regulatory bodies and partners. The DFSA signed a Memorandum of Understanding with the UAE Financial Intelligence Unit, enhancing collaboration on anti-money laundering and countering the financing of terrorism.

He DFSA He also formed a partnership with the Hong Kong Monetary Authority It aims to explore how to further develop policy and regulatory responses to support and enable climate finance in the Middle East and Asia. The flagship initiative of this partnership is the upcoming Joint Conference on Climate Finance, taking place in Hong Kong this fall.

Underlining his commitment to accelerate the development of sustainable capital markets in the DIFC, the DFSA announced, during COP28 Finance Day, a regulatory fee waiver for issuers wishing to list sustainability-related debt securities on the DIFC throughout 2024.

“As we set our sights on higher targets for 2024, we aim to remain steadfast on our four strategic pillars: delivery, commitment, innovation and sustainability. These pillars are the basis of our quest to not only meet standards but also establish them, ensuring stability, innovation and progress in the financial landscape.”

Mr. Al Ali he concluded.

News source: Dubai Press Office

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