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Dubai to go cashless: 90% of payments will be digitial by 2026

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Forget fumbling for change at the souq. Dubai is accelerating its ambitious plan to go almost entirely cashless, with a major awareness campaign now underway to push digital payments across the emirate.

The numbers that matter

By the end of 2026, Dubai aims for:

  • 90% of all transactions to go digital (government and private sector)
  • Dh8 billion annual boost to economic growth
  • 100% of stores to accept digital payments
  • Top-five ranking among the world’s cashless cities

What ‘cashless’ actually means

This isn’t about abandoning money, it’s about ditching notes and coins. Banking apps, credit cards, contactless payments, and AI-driven fintech solutions will become the norm for everything from grocery shopping to government services.

The campaign kicks off

Dubai Finance has launched a wide-reaching promotional push in collaboration with government entities, leading fintech companies, and private sector partners to make the transition seamless.

Recent developments include partnerships with GDRFA (General Directorate of Identity and Foreigners Affairs) and Network International to expand digital payment channels and bring innovative solutions to the public.

DIFC leads the business switch

Earlier in 2025, DIFC and Dubai Finance teamed up to run specialised workshops helping businesses make the digital leap. The collaboration includes AI-driven initiatives designed to benefit workers, tourists, and residents through smoother payment experiences.

Who benefits?

The strategy is designed with three key groups in mind:

  • Consumers: Faster, more convenient payments
  • Merchants: Streamlined transactions and reduced cash-handling costs
  • Payment providers: Expanded market and innovation opportunities

Bartering with bills at the gold souq or hunting for loose change in your car? That’s about to become Dubai nostalgia. The city’s race to go cashless is picking up speed, and 2026 is the finish line.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

Business

UAE denies claims of restrictions on investor funds, reaffirms open economy policy

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The UAE has firmly dismissed reports circulating on social media that suggest restrictions on investor funds, calling the claims inaccurate and misleading.

Officials clarified that there are no limits on the movement of capital or on foreign investors’ ability to manage and transfer their money. Authorities stressed that the country remains committed to maintaining an open, business-friendly environment aligned with international standards.

Commitment to investor confidence

The Ministry of Economy and Tourism reiterated that the UAE continues to support the free flow of capital, a key pillar in attracting global investment and ensuring long-term economic stability.

Officials emphasised that policies remain unchanged, reinforcing the country’s reputation as a reliable and transparent destination for businesses and investors.

Dubai reaffirms its position

In a statement shared on X, the Dubai Media Office also rejected the circulating claims, describing them as false. It highlighted that Dubai continues to stand as a leading global hub for business and investment, supported by a strong and resilient economy.

Call for accurate information

Authorities have urged the public and media outlets to rely on official sources when seeking information, warning against the spread of unverified claims online.

The clarification comes as the UAE contåinues to strengthen its position as a global financial and investment centre, built on openness, stability, and investor confidence.

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Announcements

How UAE’s new banking plan will support businesses and individuals

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The Central Bank of the UAE has rolled out a new financial support package designed to keep banks strong and ensure they continue supporting and safeguarding the broader economy amid global and regional uncertainty.

The package was endorsed during a high-level board meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, underscoring the UAE leadership’s proactive approach to maintaining economic stability.

Built around five key pillars, the initiative is designed to provide banks with greater liquidity, enhanced flexibility, and temporary regulatory relief, ensuring they can continue to support businesses and individuals during uncertain times.

Under the new measures, banks will gain expanded access to liquidity, including the ability to utilise reserve balances and secure term funding in both dirhams and US dollars. This step is expected to keep credit flowing across key sectors of the economy.

The Central Bank has also introduced temporary easing of liquidity and funding requirements, giving financial institutions more room to continue lending. Capital buffer requirements will be relaxed as well, allowing banks to deploy excess capital to support economic activity.

Additionally, new provisions will offer greater flexibility in managing credit risk, including delaying the classification of certain loans affected by current market conditions—providing relief to borrowers facing temporary challenges.

Authorities emphasised that banks are expected to maintain lending and continue supporting customers as part of the UAE’s broader economic response strategy.

Despite global pressures, the UAE’s financial system has shown strong resilience. During its meeting, the Board confirmed that current market conditions have had no significant impact on the health of the banking sector or the efficiency of payment systems.

The Central Bank also highlighted the country’s robust financial position, with foreign exchange reserves exceeding AED 1 trillion and a strong monetary base. The UAE’s banking sector, valued at over AED 5.4 trillion, continues to demonstrate solid fundamentals.

With liquidity levels remaining high and reserves strong, the CBUAE reaffirmed its readiness to take further action if needed to protect financial stability and sustain economic growth.

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Explained: Dubai’s new law on administrative violations, fines and penalties

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Dubai has introduced a new legal framework governing administrative violations, penalties, and enforcement measures across government entities.

Issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Law No. (6) of 2026 aims to make enforcement fairer, more transparent, and consistent across the emirate.

Here’s a simple breakdown of what the law means.

What is the purpose of the law?
The law creates a unified framework for handling administrative violations and penalties across Dubai government entities. It is designed to ensure enforcement actions respect fairness, transparency, accountability, and legality while protecting public services and community interests.

How are violations classified?
Administrative violations must now be clearly defined by the competent authority and are classified into three categories:

  • Minor violations
  • Moderate violations
  • Serious violations

This classification helps authorities apply appropriate penalties based on the severity of the offence.

What penalties can authorities impose?
Government entities may apply several administrative measures depending on the violation, including:

  • Warnings to correct the issue
  • Temporary closure of a business (up to six months)
  • Permanent closure of an establishment
  • Cancellation or modification of licences or permits
  • Suspension of projects, activities, or transactions

How will fairness be ensured?
The law requires penalties to be proportionate to the violation and consider factors such as:

  • Whether the violation was intentional or accidental
  • Repeated violations
  • Damage caused
  • Whether the offender took steps to fix the issue early

What are the procedures before penalties are announced?
Authorities must follow strict procedures before publishing violations:

  • Approval from the Director General of the government entity
  • Coordination with the Government of Dubai Media Office for public announcements

When does the law take effect?
The law comes into force immediately after publication in the Official Gazette. Any conflicting provisions in previous laws will be cancelled.
Officials say the law will help standardise enforcement practices across Dubai, prevent misuse of authority, and increase compliance with regulations, ultimately improving governance and protecting public interests.

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