Dubai has launched an ambitious overhaul of its financial sector as part of a drive to position the emirate among the world’s top three financial centres.
Virtual assets, capital markets and FinTech will form the backbone of future growth under the new Dubai Financial Sector Strategy, the Dubai Media office said in a statement on Sunday.
Approved by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, the new strategy sets out plans to double the sector’s contribution to the emirate's gross domestic product and expand the size of assets being managed by financial services companies in Dubai over the next decade.
“This strategy represents a major step for Dubai's financial sector," Sheikh Maktoum, who is also chairman of the Higher Committee for the Development of the Economic and Financial Sector, said.
"This will create promising opportunities for investors, bolster their confidence in Dubai's business environment, and advance our ambition to cement the emirate's status as the world's premier destination for financial services and one of the top three global financial hubs."
The initiative is a key pillar of Dubai’s broader D33 economic agenda, which aims to double the size of the emirate's economy within 10 years and make the city one of the most competitive global hubs for business, finance and innovation.
Boosting digital assets, where Dubai is already emerging as a global leader, and accelerating the emirate's transition from traditional finance to digital-first services, are among central planks of the government's vision for the sector, the Media Office said.
Watch: How Dubai is leading the future of autonomous transport
Virtual assets boom
Dubai, the commercial, tourism and financial hub of the Middle East, is now home to the world’s largest licensed virtual assets market, with transaction volumes across entities regulated by the Virtual Assets Regulatory Authority reaching nearly Dh2.5 trillion ($681 billion) so far this year.
The sector, established under the UAE’s virtual asset law three years ago, currently contributes about 0.5 per cent, around Dh2.2 billion, to GDP. Dubai aims to boost that contribution to about 3 per cent, or Dh13 billion, as the virtual asset ecosystem scales, the Media Office said.
More than 40 virtual asset service providers are now licensed under VARA, alongside 600 registered companies engaged in advisory, technology or proprietary trading services, according to government data.
Transforming the financial ecosystem
Over the next three years, Dubai will launch 15 transformative programmes targeting key areas such as capital markets, wealth and asset management, small and medium size enterprises financing and FinTech.
Measures include encouraging more family businesses and start-ups to list on local exchanges, updating legislation to attract more global asset managers to the emirate , and introducing new financing models to boost SME participation in the economy.
Dubai's economy, which bounced back strongly from the Covid-19-driven slowdown, has maintained a robust growth momentum since.
The emirate's capital markets have also reflected the trend, with the equities benchmark Dubai Financial Market General Index surging 16 per cent since the beginning of the year to its 2008 highs.
Dubai bourse along with Abu Dhabi Securities Market are also among some of the best performing regional IPO markets amid roubust investor appetite.
Construction and engineering firm Alec Holdings was the latest company to list its shares on the DFM this year through its Dh1.4 billion IPO. Telecom operator Du has also raised Dh3.15 billion through its secondary offering on the bourse in 2025.
Competing on a global stage
Dubai’s strategy reflects its rising prominence on the world stage.
The emirate now ranks 11th globally in the Global Financial Centres Index, up from 16th in 2023, and is projected to climb further as its financial ecosystem matures.
Sheikh Maktoum said the new strategy will ensure Dubai remains at the forefront of global financial innovation.
“Plans to launch 15 transformative programmes over the next three years aim to establish an innovative and sustainable financial ecosystem,” he said, adding that it will “advance our ambition to cement the emirate’s status as the world’s premier destination for financial services.”
Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman, Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Armies of Sand
By Kenneth Pollack (Oxford University Press)
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Scorebox
Dubai Hurricanes 31 Dubai Sports City Eagles 22
Hurricanes
Tries: Finck, Powell, Jordan, Roderick, Heathcote
Cons: Tredray 2, Powell
Eagles
Tries: O’Driscoll 2, Ives
Cons: Carey 2
Pens: Carey
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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