Dubai’s financial hub, the DIFC, is on a clear upward trend, according to the Dubai Financial Services Authority’s (DFSA) 2024 Annual Report. A significant 14 percent jump in regulated entities, reaching a total of 902 firms, with 154 new registrations in the past year (2024). This growth is largely fueled by a 75 percent surge in wealth management licenses, making Dubai an increasingly attractive location for global financial institutions expanding into the region.
Beyond the impressive growth, the DFSA is prioritising, regulation and sustainable growth. In 2024, USD 2.5 million of fines through enforcement actions against firms and individuals for breaches and misconduct. This robust regulatory framework provides confidence for those seeking to open a financially focused company in Dubai and ensures a fair and transparent business environment.
The DFSA also actively updated its rulebooks in key areas such as audit, crypto, and client asset protection. They issued numerous consultation papers and scam alerts to keep the industry and public informed, further solidifying Dubai’s reputation as a safe place for company formation in the UAE.
Recognising the global, historic nature of finance, the DFSA continues to strengthen its international partnerships. Looking forward, they’re embracing digital transformation and investing in local talent for future regulatory roles. This commitment to innovation and stability makes Dubai an ideal location for setting up a business in Dubai for existing global companies and attracting foreign investment.
In short, Dubai’s financial sector is not only expanding rapidly ahead of historic financial centres, but is also underpinned by robust regulation and a forward-looking approach, solidifying its position as a key global financial center. The DFSA’s report highlights the numerous opportunities available for those looking to establish a presence in this dynamic market and growing jurisdiction.