In recent years, Dubai has been fervently working towards its vision of becoming one of the leading digital cities globally. The recent agreement to enhance its readiness to become one of the most significant digital cities worldwide is a testament to this relentless pursuit. With initiatives aimed at achieving 90% cashless transactions in both public and private sectors by the end of 2026, Dubai is making impressive strides in transforming its financial landscape into a fully integrated digital ecosystem.
Transformational Agreement Signed
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, witnessed the signing of a memorandum of understanding between the Dubai Department of Finance and the Dubai Free Zones Council. This agreement is designed to enhance collaboration on digital payment initiatives and support the “Dubai Cashless Strategy” as part of a unified government effort to accelerate the shift towards a comprehensive digital transaction system.
In a tweet on his X account, His Highness stated, “We witnessed the signing of a memorandum of understanding between Dubai Finance and the Dubai Free Zones Council to coordinate joint efforts towards achieving the goals of the ‘Dubai Cashless Strategy’ and to speed up our transition to an integrated digital transaction ecosystem across the emirate.” He emphasized that this memorandum serves as a model for effective institutional integration, contributing to the efficiency of financial transactions and enhancing the readiness of the business environment in free zones, thereby supporting Dubai’s ambition to become one of the most important digital cities worldwide. This aligns with the objectives of the Dubai Economic Agenda (D33).
Shared Goals for a Cashless Future
The agreement was signed by Abdul Rahman Saleh Al Saleh, Director General of Dubai Finance, and Dr. Mohammed Al Zarouni, Secretary-General of the Dubai Free Zones Council, in the presence of several officials from both parties. The memorandum aims to coordinate efforts to achieve the targets of the “Dubai Cashless Strategy,” which includes sharing knowledge and expertise in the cashless transition, collaborating on data sharing and relevant analytics to evaluate the situation and measure the achieved impact, and utilizing modern financial technology to accelerate the establishment of a cashless society. This will further solidify Dubai’s status as one of the most important digital cities globally.
Strategic Directions
Abdul Rahman Saleh Al Saleh remarked, “This memorandum embodies the commitment of Dubai’s government to enhance partnerships and join efforts to accelerate our shift toward an integrated digital transaction framework, supporting the goals of the Dubai Cashless Strategy.” He further stressed that Dubai Finance is keen to follow the directives of the wise leadership by enhancing collaboration in knowledge exchange and data sharing while employing the latest fintech solutions. This commitment aims to improve the efficiency of financial transactions and boost readiness in both the public and private sectors for the future, helping to establish Dubai as one of the most important digital cities globally, consistent with the objectives of the D33 Economic Agenda.
Future Collaborations
Dr. Mohammed Al Zarouni confirmed that this initiative represents a practical framework for fostering collaboration with relevant government entities and supports Dubai’s strategic directions for transitioning to advanced digital transaction systems. This effort contributes to achieving the goals of the “Dubai Cashless Strategy,” solidifying Dubai’s position as a global capital for the digital economy and enhancing service efficiency and the resilience of the business environment in the free zones in the long term.
The collaboration will include supporting awareness campaigns and building national capacities, forming specialized task forces to develop innovative initiatives that facilitate the transition to a cashless society, and promoting the adoption of digital payment tools and applications. These actions aim to achieve the strategic objectives of increasing the proportion of cashless transactions to 90% of total financial transactions in public and private sectors while also increasing digital enablement among institutions in both sectors to 100% by the end of 2026, aligning with the objectives of the D33 Economic Agenda.