UAE: DIFC Firms Get a Relief Package from DFSA to Minimize Financial Stress

In an attempt to reduce financial stress on new and existing firms based in the Dubai International Financial Centre (DIFC), the Dubai Financial Services Authority (DFSA), the regulator of Dubai’s onshore financial hub, has announced a relief package consisting of fee waivers and reductions in capital requirements. The DIFC is home to some of the world’s biggest financial institutions, banks, investment firms, wealth managers and insurers.

Bryan Stirewalt, Chief Executive Officer of the DFSA said that the regulator is monitoring the operational as well as financial impacts of COVID-19 on its member firms and intends to provide assistance to protect their staff and support their clients during the on-going unc...