The Dubai Financial Services Authority has described 2023 as an “exceptional growth year”, with the regulator having licensed and registered a record-breaking 117 firms, including a big increase in hedge funds during the 12-month period, an increase of 25% over 2022.
While growth in licensing was seen across various segments of the financial services sector, in particular the DFSA has reported a remarkable increase in asset managers and hedge fund managers establishing a presence in the Dubai International Financial Centre (DIFC), with the latter registering 125% year-on-year growth.
In addition, as of November 2023, Nasdaq Dubai, the DIFC’s exchange, holds the world’s largest listed ESG sukuk market valued at $27bn, which includes more than 60% of US-denominated ESG sukuk. Nasdaq Dubai, meanwhile, continues to be the world’s second largest listed such market venue.
