Dubai Career Diary

In an extraordinary showcase of financial prowess, the Dubai Financial Services Authority (DFSA) has recorded an impressive 25% increase in licensing and company registrations in 2023. This robust growth in licensed entities has propelled the total count to an impressive 791 companies within the DFSA’s purview.

Ian Johnston, the DFSA Chief Executive, conveyed to WAM that the past year was the most vigorous in terms of new licenses, with over a hundred financial services organizations commencing operations, well beyond the previous year’s figures. The DFSA houses 27 of the world’s 29 systemically significant banks, alongside leading fund managers and a dominant presence of insurance entities.

Dubai has become an attractive destination for hedge funds and funds worldwide, seeking a presence in its dynamic and rapidly expanding financial markets. This attraction is evidenced by a notable 125% year-over-year increase in asset managers and hedge funds choosing the Dubai International Financial Centre (DIFC) as their base.

A pivotal factor in Dubai’s financial ascension is its status as the preeminent Middle East financial hub, exceeding regional competition and establishing global prominence. The DIFC alone is home to over 600 financial services firms, employing a substantial workforce of 40,000 individuals, reflecting its significant contribution to the UAE’s economic growth.

Nasdaq Dubai, affiliated with the DIFC, has established itself as a leading venue for ESG-targeted Sukuk, capturing such a sincere commitment to sustainable finance. The exchange boasts an impressive 60% of US dollar-denominated, ESG-related Sukuk listings and nearly 40% of non-USD ESG Sukuk, highlighting $27 billion in Sukuk issuances.

Complementing traditional financial offerings, the DFSA is pioneering the integration of novel technologies in the finance sector, resonating with Dubai’s vision of becoming a global nexus for digital assets. Such strategic endeavors are poised to attract investments and innovations, cementing the DIFC’s reputation as a forward-thinking financial center.

Johnston also mentioned the vital collaboration between the DFSA and regulatory counterparts in China and Hong Kong, which underscores the solid financial associations between the UAE and these economic powerhouses. The DFSA maintains a synergistic relationship with entities like the Hong Kong Monetary Authority and organizes joint initiatives, including the anticipated climate finance conference, alternating between Hong Kong and Dubai.