Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA) is pleased to announce a significant 31% increase in the number of authorised firms in 2024, with 135 new entities added, bringing the total number of regulated entities to more than 900. This continued growth highlights the DFSA’s ongoing commitment to strengthening the financial services sector within the Dubai International Financial Centre (DIFC), maintaining robust regulatory standards, and supporting a diverse financial ecosystem.

The DFSA also authorised 946 individuals and registered 17 Designated Non-Financial Business or Professional (DNFBP) corporate services providers – such as accountancy firms, legal practices, and compliance consultancies – reflecting a growing trust in its regulatory framework. The rise in authorisations in 2024 reinforces the DFSA’s role in supporting financial innovation while ensuring compliance with global standards.

The DFSA’s achievements in 2024 underscores its mission to foster a dynamic, secure, and globally competitive financial market.  As part of its commitment to market engagement, the DFSA continues to collaborate with stakeholders, providing guidance and oversight that strengthens the DIFC’s position as a leading international financial hub. In 2024, the DFSA held 23 outreach sessions and four roundtables, reinforcing its engagement with the regulated community and key industry stakeholders.

Fadel Al Ai, Chairman of the DFSA, said: “I am delighted with the significant increase in the number of authorised firms in 2024, taking the total number of regulated entities to more than 900. This progress reflects the DFSA’s commitment to ensuring that both new entrants and establish firms receive the necessary support to thrive. The DFSA remains steadfast in its commitment to supporting the growth of the Dubai International Financial Centre (DIFC), contributing to the prosperity of Dubai and the United Arab Emirates.”

Building a resilient and inclusive future

The DFSA’s commitment to transparency and engagement extends beyond regulatory oversight. It also encompasses resilience and continuous improvement, ensuring that Dubai’s financial ecosystem remains future-ready. A key priority is talent development, particularly nurturing Emirati professionals through specialised initiatives that equip them with the skills and expertise needed to thrive in financial regulation.

“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,” said Fadel Al Ali.

Recent DFSA’s ‘Tomorrow’s Regulatory Leader’ programme graduate, Ali AlRais, Associate Manager, Authorisation, commented: "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."

With a clear strategic focus on engagement and transparency, the DFSA remains committed to ensuring forward-thinking finance in the DIFC, Dubai, and the broader United Arab Emirates, where the intersection of financial innovation and sustainability leads to a more resilient and inclusive economy.

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA’s website for more information.

Fadel Al Ali was appointed Chairman of the Dubai Financial Services Authority (DFSA) on 1 June 2021, having joined the DFSA Board of Directors in 2008. Mr Al Ali held a number of senior positions with First Abu Dhabi Bank (FAB), his last position was as FAB’s Deputy CEO and Group Chief Operation Officer in 2021. Prior to joining FAB, Mr Al Ali was the CEO of Dubai Holding, a global group with assets of USD 35 billion across 21 countries and interests in 14 economic sectors. Mr Al Ali led the financial restructuring of Dubai Holding’s investment groups and led the new business model of Dubai Holding as a strategic investor. Mr Al Ali started his career at Citibank in 1989, and left Citi in his capacity as UAE Head of Distribution, before joining Dubai Holding in 2004. Mr Al Ali is also the Chairman of the Board of Directors of IMKAN Waterfront in Morocco, the Vice Chairman of the Board of Directors of Wio Bank, and a Board member of the Commercial International Bank Egypt.

Ali AlRais graduated from the ‘Tomorrow’s Regulatory Leaders’ Programme of the Dubai Financial Services Authority (DFSA), which offers a unique opportunity to develop the next generation of regulatory experts, fostering leadership and innovation in the financial services sector. He joined the DFSA from an academic background in Government and International Relations, with a focus on counterterrorism, global security, and policy solutions, alongside a diploma in commerce and finance. Ali AlRais is currently an Associate Manager within the Authorisation department.