Dubai financial watchdog reports 25% rise in licences

The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, reported a 25 percent year-on-year increase in the number of licensed companies in 2023, amounting to nearly 800 in total. 

The number of applications across all business models within the Dubai International Financial Centre (DIFC), the emirate’s main financial hub, rose 50 percent annually, the DFSA said in its 2023 annual report.

The wealth management sector registered significant growth, due to increased applications from private banks, asset managers and fund management companies. 

---

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

---

In addition, the DIFC received more than 40 domestic fund registration applications.

Environmental, social and governance (ESG) securities listings reported a surge by nearly $12 billion, bringing the total outstanding ESG securities to $27 billion by year-end.

• DIFC’s law tipped to help digital assets go mainstream
• DFSA fines Swiss bank over money laundering failings
• Record occupancy at DIFC despite Riyadh’s HQ drive

Combating financial crime remained a top priority for the authority, and it signed a memorandum of understanding (MoU) with the UAE’s financial intelligence unit to boost efforts against money laundering and the financing of terrorism.

The DFSA also strengthened its international partnerships by signing 115 bilateral MoUs, five multilateral MoUs and eight innovation agreements last year.