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Fintech world’s best minds converge at inaugural Dubai Summit

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Dubai is set to host the first-ever Dubai Fintech Summit on May 8 and 9 under the patronage of Sheikh Maktoum bin Mohammed Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE.

The event will take place at Madinat Jumeirah and will bring together over 5,000 global Fintech C-suite executives and technology experts to discuss the latest innovations and challenges in the sector.

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The Summit will feature a lineup of distinguished speakers from both local and international arenas. Notable speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy, and chief executives Bill Winters, Brad Garlinghouse, Piyush Gupta, Jenny Johnson and Brian Armstrong from Standard Chartered, Ripple, DBS Bank Singapore, Franklin Templeton and Coinbase respectively, among others.

Mohammad AlBlooshi

Mohammad Alblooshi, head of organisers DIFC Innovation Hub and Fintech Hive, underscored the importance of the summit. “Nearly 60% of all Fintech companies in the GCC are currently based in the city. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai Fintech Summit promises to bring together the most prominent figures in the industry, with an agenda that will captivate and inspire audiences worldwide.”

The global Fintech sector is rapidly growing and is predicted to be valued at $305 billion globally by 2025, according to Research and Markets, an intelligence and market analysis firm.

In the Middle East, Africa and South Asia (MEASA) region, the industry is expected to double in value from $135.9 billion in 2021 to $266.9 billion in 2027, according to a 2022 report by DIFC Fintech Hive.

The DFS will offer a unique platform for startups, investors, and industry leaders to connect and capitalise on the growing Fintech market in the region and beyond. The DFS will feature a series of panel discussions, fireside chats, and over 100 Fintech exhibitors.

There are over 800 Fintech startups worth $15.5 billion in the MEASA region alone, according to data by dealroom.co. Dubai alone is home to over 20% of the world’s Fintech businesses, according to a report by Mordor Intelligence.

Mastercard’s 2022 Digital Payments Index report reveals that digital payments are gaining traction in the MENA region. More than 85% of respondents reported using at least one emerging payment method in the past 12 months, indicating a shift away from cash-based transactions. Among MENA countries, the UAE stands out as being ready to embrace a cashless society. According to the event’s co-host sponsor Visa, 52% of UAE consumers are already cashless or plan to be by 2024.

The DFS will offer attendees a platform to participate in discussions and exchange ideas on emerging trends, regulatory frameworks, and future possibilities.

The event will feature discussions on a range of topics, including ‘Building the Economies of the Future’, ‘Crypto and the Evolving Regulatory Framework’, ‘The World of Finance: Where are the Women?’, and ‘Building a Resilient and Sustainable Financial Sector in the Age of Disruption’. Participants will have the opportunity to gain valuable insights on these critical issues from industry leaders and experts.

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UAE weather: Cooler weekend ahead but watch out for strong winds

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The UAE is set for another hot day on Friday before weather conditions begin to shift over the weekend, bringing dust, stronger winds, and slightly cooler temperatures across parts of the country.

According to the National Centre of Meteorology (NCM), Friday’s weather will remain generally fair, although temperatures are expected to rise slightly in several areas.

Inland regions could see temperatures climb between 40°C and 46°C, while coastal and island areas are forecast to reach between 36°C and 42°C. Mountainous areas will remain comparatively cooler, with temperatures ranging from 27°C to 32°C.

Winds are expected to stay light to moderate during the day but may strengthen at times, reaching speeds of up to 40 km/h and creating rougher sea conditions in the Arabian Gulf later at night. The Oman Sea is expected to remain slight to moderate.

The weather is then forecast to change on Saturday, with dust and blowing sand likely to affect parts of the UAE as winds become more active. Temperatures are also expected to ease slightly compared to Friday.

By Sunday, skies could turn partly cloudy, especially in eastern areas, while humidity levels are expected to increase overnight and into Monday morning across some coastal and internal regions. Forecasters also warned of possible mist formation in western areas during the early morning hours.

Looking ahead to Monday and Tuesday, temperatures are expected to rise again gradually, with generally fair to partly cloudy weather continuing across the country. Sea conditions are also forecast to improve, becoming calmer in both the Arabian Gulf and Oman Sea by early next week.

The shifting conditions come as the UAE moves deeper into the summer season, with residents already experiencing rising temperatures and occasional dusty weather patterns across several emirates.

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Dubai announces new VAT charges on parking and Salik

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Dubai motorists are set to see a noticeable change in how they pay for parking and toll services from June 1, after both Parkin and Salik confirmed that a 5 per cent Value Added Tax (VAT) will officially apply to several services across the city.

The update means drivers using public parking, toll gates and related services will now pay slightly more as part of the UAE’s tax regulations.

According to Parkin, VAT will apply to on-street and off-street parking, seasonal parking cards, permits and reservation services. Meanwhile, Salik confirmed the same tax will also be added to toll gate charges and Salik tag activation fees starting from the same date.

The companies said the collected VAT will be transferred to the UAE’s Federal Tax Authority in line with existing tax laws.

But the changes do not stop there.

Fully cashless payment

In another major shift, Dubai is also moving one step closer towards becoming a fully cashless city. Parkin confirmed that cash payments at parking meters across Dubai will be phased out from June 1 as part of the emirate’s wider digital transformation strategy.

Drivers will still be able to pay for parking using several digital methods, including:

  • The Parkin app
  • SMS parking payments
  • Dubai Now app
  • RTA app
  • Nol cards

The move is expected to make parking payments faster and more streamlined, while reducing the need for cash transactions across the city.

For many motorists, the changes may slightly increase day-to-day driving costs, especially for residents who regularly use paid parking zones and Salik gates during daily commutes.

Dubai has increasingly been expanding smart mobility and cashless services in recent years, with digital transport systems, app-based payments and AI-powered parking technology becoming a larger part of the city’s infrastructure.

Parkin has advised customers to follow its official channels for additional updates and guidance as the new system rolls out.

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Traffic alert: New diversion announced on Sharjah’s Al Khan Road starting Friday

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Sharjah Roads and Transport Authority has announced a temporary traffic diversion on Al Khan Road as part of ongoing road expansion and bridge construction works aimed at improving traffic flow across the emirate.

The diversion will take effect from Friday, with authorities urging motorists to follow approved detour routes and traffic instructions during the construction period.

According to the authority, the works are part of wider infrastructure upgrades designed to reduce congestion and enhance connectivity in one of Sharjah’s busiest traffic corridors.

Drivers have been advised to plan journeys, use alternative routes where possible and comply with traffic safety guidelines to help maintain smooth traffic movement in the area.

The project forms part of Sharjah’s broader transport development strategy focused on upgrading road networks and supporting the emirate’s growing population and mobility needs.

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