Chairman of the Dubai Financial Services Authority: 40% increase in new license issuances during 2024
Dubai, 7 May / WAM / Ian Johnston, CEO of the Dubai Financial Services Authority, confirmed that the issuance of new licenses recorded a growth of 40 percent during the first months of this year compared to the same period in 2023.
He said in a statement to the Emirates News Agency, WAM, on the sidelines of the activities of the second edition of the Dubai FinTech Summit, that the current year 2024 will be the most momentum in terms of issuing new licenses, complementing the activity achieved in the past two years.
He added that the year 2024 will be busy in terms of issuance of new licenses, which include emerging companies in the field of financial technology, in addition to major institutions and international banks that continue to come to the DIFC.
Johnston expects to receive more than 100 applications from companies, and between 130 to 140 new companies will be licensed to the DIFC, which reflects the pace of growth.
The CEO of the Dubai Financial Services Authority said that the Dubai International Financial Center is the main international financial center in the region, which contributes to supporting Dubai’s strategy aimed at strengthening the emirate’s position as an international financial center in the Middle East.
He added: “We are not only witnessing an increase in the number of companies that we license, but we are also witnessing the success of corporate operations in the DIFC, which makes it easier for individuals to do business, in addition to making it easier to conclude and conclude deals.”
He pointed out that the Nasdaq Dubai Stock Exchange is located within the Dubai International Financial Center, which means that Dubai remains a global center for listing sukuks and bonds, pointing out that Nasdaq Dubai has become the largest market in the world for sustainable sukuks, as the percentage of sukuks related to governance, social and environmental responsibility denominated in US dollars has reached It includes more than 60 percent and nearly 50 percent of the Sukuk related to governance, social and environmental responsibility in all currencies.
He stated that the Nasdaq Dubai Stock Exchange has become the first place in terms of listing environmental, social and governance instruments, which shows the growing interest in sustainable investments and the position of the Nasdaq Dubai Stock Exchange as a preferred platform for such issuances.
He expected that the Dubai International Financial Center would continue to achieve further growth and activity this year, thanks to the status of Dubai, which was established to become a financial center for the region, noting that the center includes more than 40,000 people working in it, in addition to people who work in the field of finance outside the center. .
The CEO of the Dubai Financial Services Authority indicated that the Emirate of Dubai will emerge over the next few years as one of the best four to five global financial centers, adding: “We are already seeking to achieve this as soon as possible.”
He pointed out that the Dubai Financial Services Authority aims to enhance innovation by supporting the financial technology sector within a regulated framework in conjunction with companies’ trend towards adopting regulation, as well as companies shifting proactively to adopt the necessary directives and guidelines to ensure regulatory compliance, because of its important role in enhancing Sustainable growth and operational stability.
Johnston explained that in terms of rules and governance, one of the positives that we are seeing happening now is that fintech operators are now starting to understand the regulation process, and our job as a regulator is to make sure that we impose regulation to protect investors.
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