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DFSA Sees New License Registrations Surge 40% in 2024, CEO reveals

DFSA Sees New License Registrations Surge 40% in 2024, CEO reveals

The Dubai Financial Services Authority (DFSA) has witnessed a significant surge in new license registrations, with a 40% increase in the first months of this year compared to 2023, according to CEO Ian Johnston. 

Speaking at the Dubai Financial Technology Summit, Johnston highlighted 2024 as the most dynamic year for new license issuances, especially in the financial technology sector and among major corporations converging toward the Dubai International Financial Centre (DIFC).

Johnston emphasized the DIFC’s role as the region’s primary international financial destination, contributing to Dubai’s strategy to enhance its global financial center status in the Middle East. He anticipated over 100 applications and between 130 and 140 new businesses to be licensed in the DIFC.

“We are not only witnessing an increase in the number of companies we license, but also witnessing the success of these companies in the DIFC, facilitating individuals in conducting their business, as well as facilitating the conclusion of deals,” Johnston stated.

Johnston also noted Nasdaq Dubai’s significance as the world’s largest sustainable sukuk market, with a growing interest in sustainable investments. He anticipated continued growth and activity in the DIFC, aligning with Dubai’s aim to become one of the top global financial centers.

The DFSA’s focus on promoting innovation within regulatory frameworks aims to support stability and sustainable growth in the fintech sector. In 2023, the DFSA recorded exceptional growth, licensing a record-breaking 117 firms during the year.

Furthermore, DIFC achieved its highest gross written premiums in its 20-year history in 2023, marking a 23 percent increase from the previous year. Additionally, the registration of insurance and reinsurance firms saw a 20 percent rise, including the first move of a Guernsey-based captive.

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