The publication of the DFSA’s Business Plan for 2023–2024 was announced today by Fadel Al Ali, Chairman of the Dubai Financial Services Authority (DFSA).
The Business Plan was created to promote a business-friendly climate as Dubai and the UAE continue to solidify their position as a well-run and progressive financial services Centre.
The new two-year plan, which is organized around four strategic themes, provides an ambitious road map for achieving the DFSA’s statutory goals for the Dubai International Financial Centre (DIFC), including building and preserving the DIFC’s image as a preeminent global financial hub.
Fadel Al Ali, Chairman of the DFSA said,
“The DFSA’s 2023-2024 Business Plan builds upon our commitment to international standards, high quality regulation and best practices to foster an enabling environment to support the DIFC’s continued growth and that of Dubai and UAE economies. The nation’s leadership continues to demonstrate a future-focused vision for the prosperity of the country and this clarity of vision and purpose continues to guide our role and understanding of the part we play as the DFSA moves towards its 20th anniversary.”
The DFSA will be pursuing a number of significant initiatives as part of the Business Plan that cross several strategic areas. To sustain the integrity of the DIFC financial services sector, the DFSA will further improve its policy framework through the adoption of international standards, continued development of its support for trading venues and markets, and improvement of its regime for the protection of client assets.
Fighting financial crime remains a key priority for the DFSA as it continues to support the federal authorities to implement the recommendations arising from the Financial Action Task Force (FATF) Mutual Evaluation of the UAE in 2020.
The regulated community, as well as its peer regulators locally, regionally, and worldwide, will continue to be actively involved with the DFSA. The DFSA will work at the national level to deliver approaches on corporate governance, disclosure, and taxonomy and continue to work with DIFC firms to improve engagement and understanding of ESG issues in order to strengthen the global response necessary to meet the goals of the Paris Climate Agreement.
The DIFC’s regulated community will be able to create and apply new technologies with the help of the DFSA, which will increase the use of technology to handle regulatory duties and obstacles. Additionally, the DFSA will keep improving the overall regulatory framework within the DIFC in order to address market developments, including risks and innovations, and to stay true to its vision of becoming an internationally renowned regulator that guides the advancement of financial services through robust and equitable regulation.
“High quality regulation and supervision, as well as increasing our use of technology and automation will allow us to align further with the visions of Dubai and the UAE. The themes in this Business Plan reflect the context in which we operate: the continuing evolution of the DIFC as a financial Centre and the DFSA as a regulator, placing continuing reliance on international standards as the basis of our approach. The population of the Centre continues to grow, as does the depth and breadth of activities conducted. This continues to demand a finely tuned risk-based approach to regulation, to maintain the integrity of the DIFC financial services industry, while also continuing our efforts to facilitate innovation in the industry,”
Fadel Al Ali added.
Internal capabilities will play a key role in achieving all the projects under the business plan and setting the foundation for further developments.