Right now the DFSA declares that they’ve had an distinctive development 12 months in 2023. The area’s main regulator licenced and registered a record-breaking 117 companies in the course of the 12-month interval, a rise of 25% from the earlier 12 months. Development in licensing was witnessed in numerous segments of the monetary providers sector. The DFSA famous a exceptional enhance in Asset Managers and Hedge Fund Managers establishing presence within the DIFC, with the latter registering 125% year-on-year development. Moreover, as of November 2023 Nasdaq Dubai, the DIFC’s alternate, holds the world’s largest listed ESG sukuk market valued at $27bn – this contains greater than 60% of US-denominated ESG sukuk. Nasdaq Dubai continues to be the world’s second largest venue for listed sukuk market.
Fadel Al Ali, Chairman of the DFSA, mentioned: “The exceptional achievements of 2023 are a testomony to our dedication to not solely regulate the current however to additionally form and govern the longer term. Our purpose is to grow to be a world benchmark as a world regulatory physique, delivering excellence in tandem with the federal government’s strategic imaginative and prescient – together with Dubai Financial Agenda D33.”
In addition to development in licenced companies, this era additionally noticed a rise in relationship-building for the DFSA who made vital strides in strengthening ties with native and worldwide regulatory our bodies and companions. The DFSA signed a Memorandum of Understanding with the UAE’s Monetary Intelligence Unit, enhancing collaboration on anti-money laundering and combating the financing of terrorism. The DFSA additionally fashioned a partnership with the Hong Kong Financial Authority geared toward exploring the way to additional develop coverage and regulatory responses to assist and allow local weather finance within the Center East and Asia. The flagship initiative of this partnership is the upcoming Joint Local weather Finance Convention, set to happen in Hong Kong this autumn.
Underscoring its dedication to accelerating the event of sustainable capital markets within the DIFC, the DFSA introduced, throughout COP28’s Finance Day, a regulatory charge waiver for issuers wishing to listing sustainability-related debt securities within the DIFC all through 2024.
“As we set our sights larger for 2024, we purpose to face agency on our 4 strategic pillars – Supply, Engagement, Innovation, and Sustainability. These pillars are the inspiration of our pursuit to not merely meet requirements however to set them, making certain stability, innovation, and progress within the monetary panorama,” Mr Al Ali concluded.
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