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Fintech world’s best minds converge at inaugural Dubai Summit
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.
UAE motorists won’t have long to wait to find out whether fuel prices will increase in August, with the Fuel Price Committee set to announce the new rates on Thursday, July 31.
The revised petrol and diesel prices will take effect from August 1.
Will fuel prices go up?
After a welcome price cut in July, the outlook for August is less certain.
Global oil prices initially fell below $70 a barrel earlier this month, raising hopes of another reduction. However, prices have since rebounded sharply, clouding the picture for motorists.
Brent crude briefly climbed above $100 a barrel, while US benchmark WTI rose to nearly us$92. Abu Dhabi’s Murban crude also surged past us$105, reflecting renewed strength in global energy markets.
Because UAE fuel prices are based on average international oil prices over the month, the late-July rally could limit or even reverse last month’s cuts.
Current UAE fuel prices
Motorists are currently paying:
- Super 98: Dh3.40 per litre
- Special 95: Dh3.29 per litre
- E-Plus 91: Dh3.21 per litre
- Diesel: Dh3.60 per litre
These rates were introduced in July after global oil prices eased earlier in the summer.
How UAE fuel prices are set
The UAE reviews petrol and diesel prices every month based on average global crude oil and refined fuel prices.
The August rates will be announced on July 31 through official government channels and will come into effect the following day.
Will UAE petrol prices rise in August? Here’s what we know
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