75% growth in wealth management licenses during 2024

The Dubai Financial Services Authority, the independent organizational authority of the Dubai International Financial Center, issued the annual report for the year 2024, where the report reviews the most important organizational developments, continuous growth in regulatory activities, and the most firm participation with stakeholders.

With the number of regulation entities reached 902 entities, as at the end of last year, the authority recorded a 14% increase on an annual basis, backed by a growth of 75% in the licenses issued to the wealth management sector, and this includes fund managers, private and investment banks, and with regard to capital markets, the authority supervised new inhabitants worth $ 25.3 billion, to increase the value of the existing induction 138.5 billion dollars.

The Authority took implementation measures against five companies and three individuals during 2024, which resulted in the imposition of fines with a total value of $ 2.5 million, which confirms its commitment to maintaining the highest regulatory standards in the Dubai International Financial Center by deterring the perpetrators An alert regarding fraud to alert the public and the financial services community at the center to possible harmful behaviors.

Over the past year, the Authority issued 10 consulting papers and eight objective reviews, to ensure the preservation of organizational transparency and alignment with international standards, the application of a quick response approach to the trends of emerging markets, and the authority also expanded the International Cooperation Network by concluding 117 bilateral memoranda, five multilateral understanding notes, and eight agreements to innovate to enhance the bonds of cooperation and regulatory sympathy.

The Chairman of the Board of Directors of the Dubai Financial Services Authority, Fadel Al -Ali, said: “Like the year 2024 two decades of excellence and the organizational leadership of the authority, and a march that attests to our fixed determination to adopt an incubating environment for financial works that are transparent, flexible and tight organization, and the ability to respond effectively to the requirements of changing markets and retaining the implementation of the highest standards of the organization is issued to ensure our support and support resources for all companies Watching the Emirate of Dubai and the Dubai International Financial Center is home and headquarters for its work.

For his part, the CEO of the Authority, Ian Johnston said: “As shown in the annual report of 2024, the great achievements, steady growth, participation and the most interconnected cooperation have been achieved, we continued to enhance our commitment to providing a transparent and accountable organization, and this reflects the dedication of power cadres in performing its duties, and the hardness of our cooperative relations with the stakeholders on local and regional levels And international, “he added,” With the concerted efforts, we have established an environment in which the Dubai International Financial Center continues to prosper as a global financial center. “