Enhancing Dubai’s Financial Hub
There have been impressive achievements with regard to the global status of the Dubai Financial Services Authority (DFSA) in the first six months of 2024, stepping up cooperation with major regulators, and pursuing international activities to benefit from active participation in international standard setting. This is in line with the DFSA’s strategic objective of promoting Dubai as a preferred global financial center, including the Dubai International Financial Center (DIFC).
PC: HiDubai Focus
Key Collaborations with International Standard-Setting Bodies
During H1 2024, the DFSA has actively engaged with prominent international organisations. These include:
- Basel Consultative Group (BCG): A key player in setting global banking standards.
- International Organisation of Securities Commissions (IOSCO): Ensuring robust securities regulation worldwide.
- International Association of Insurance Supervisors (IAIS): Focusing on effective and globally consistent insurance supervision.
- Islamic Financial Services Board (IFSB): Promoting the soundness of the Islamic financial services industry.
- Global Financial Innovation Network (GFIN): Facilitating cross-border innovation in financial technology.
- Network for Greening the Financial System (NGFS): Encouraging the integration of climate risks into financial stability monitoring.
- International Forum of Independent Audit Regulators (IFIAR): Promoting the quality of audit inspections.
- International Accounting Standards Board (IASB): Setting high-quality accounting standards globally.
- Union of Arab Securities Authorities (UASA): Enhancing cooperation among Arab financial markets.
These engagements reflect the DFSA’s commitment to staying at the forefront of global financial regulatory standards, ensuring that Dubai remains competitive in the international financial arena.
DFSA’s Dynamic Regulatory Approach
Fadel Al Ali, Chairman of the DFSA, said: “A big part of our growth lies in the DFSA’s development of a dynamic, modern, and relevant regulatory approach. That approach lets us actively get into the global financial community and help enhance Dubai’s financial marketplace and, actually, global finance going forward.”.
‘The strong growth in the DFSA during H1 2024 is indicative of the dynamic regulatory approach pursued by the DFSA, and our leading role in making the DIFC and, indeed, Dubai one of the most important global financial hubs,’ said Al Ali.
Commitment to Market Integrity and Innovation
H.E. Al Ali further reiterated that DFSA remained committed to upholding the integrity of the market, in addition to protecting investors in the financial and digital innovation at DIFC, Dubai, and the greater UAE. The work that the DFSA is undertaking in this area means that Dubai can continue its mantle as a safe haven for financial investment.
“As we move into the second half of 2024, the DFSA continues its mandate to protect market integrity and ensure strong investor protection alongside financial and digital innovation,” he added.
Outlook for H2 2024: Building on Success
Going forward, the DFSA will engage robustly in its regulatory work to further enhance the infrastructures of Dubai. This firm commitment to excellence means that DIFC and Dubai are at the forefront of global discussions with regard to financial matters and pivotal in innovation and sustainability.
These achievements by the DFSA in H1 2024 are all reflective of their strategy to further develop Dubai’s place as a global center for finance-in effective collaboration with international regulatory bodies and with good practice in the market for integrity and innovation, thus continuously reshaping the local and global financial landscape.
