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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 motorists warned of road closures in Abu Dhabi, Sharjah this week

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Motorists in Abu Dhabi and Sharjah should plan this week, with authorities announcing temporary road closures for maintenance and infrastructure works.

Abu Dhabi: E22 to close overnight

Abu Dhabi Mobility will close the E22 Abu Dhabi–Al Ain Road towards Abu Dhabi on the nights of August 19, 20 and 21.

The closure will be in effect from midnight until 6am each night.

Drivers are advised to plan their journeys around the overnight closure and follow traffic signs and approved diversions in the affected area.

Sharjah: Three-day road closure

Meanwhile, Sharjah Roads and Transport Authority has announced a three-day closure on a section of road running from Sheikh Mohammed bin Sultan Bu Alian Square to Saeed bin Obaid Al-Jarwan Square, on the Al-Jazat side.

The closure will run from Wednesday to Friday as authorities carry out road maintenance and infrastructure development works.

Motorists have been advised to use approved alternative routes, follow diversion signs and comply with traffic safety instructions.

Drivers travelling through either emirate are encouraged to allow extra time for their journeys and check road conditions before setting out.


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Dubai traffic update: RTA just cut peak-hour travel times on Al Marabea Street by 30%

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Motorists using Al Marabea’ Street in Al Quoz can expect smoother journeys after Dubai’s Roads and Transport Authority (RTA) completed a series of road upgrades aimed at easing congestion and improving traffic flow.

The project covered a 1.1-km stretch between the Al Khail Road exit and Al Asayel Street, increasing road capacity by 30% and cutting journey times by up to 30% during peak hours.

The improvements are part of RTA’s wider programme to expand Dubai’s road network and respond to rising traffic linked to the emirate’s rapid urban growth.

Congestion cut by 50%

As part of the works, an intersection was expanded with an additional lane for vehicles travelling from Al Marabea’ Street towards Street 16A.

The extra lane has reduced congestion and vehicle queues at the intersection by 50%, according to the RTA.

New modern lighting poles have also been installed to improve visibility and road safety, particularly at night.

More upgrades coming

RTA is continuing work on Al Marabea’ Street, with a new service road and continuous pedestrian walkway planned to serve the neighbouring industrial area.

The ongoing project also includes a new access point at the beginning of the Al Khail Road exit towards Al Marabea’ Street, designed to improve access and safety.

The remaining works are expected to be completed by the end of August 2026.

Al Marabea’ Street is an important route through Al Quoz, connecting Al Khail Road and Al Asayel Street while providing access to industrial, commercial and residential areas. The corridor also serves traffic travelling to and from Al Quoz, Al Meydan, Business Bay and Downtown Dubai.


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UAE 50°C temperatures and morning fog: What UAE residents need to know before heading out

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UAE residents can expect very hot weather, rising humidity and possible fog or mist in the coming days, with a chance of rainfall over eastern areas.

According to the National Centre of Meteorology (NCM), skies will remain fair to partly cloudy, with convective clouds potentially developing over eastern areas in the afternoon and bringing rain.

Humidity is expected to increase overnight and on Tuesday morning, particularly over some western coastal areas. This could lead to fog or mist and reduced visibility.

Motorists have been advised to take extra care during early morning drives and adjust their speed when visibility is poor.

Temperatures approach 50°C

Meanwhile, daytime temperatures will remain exceptionally high across the country. Coastal areas are expected to reach 40°C to 45°C, while temperatures in inland areas could climb to 49°C.

Light winds and calm seas

Winds are expected to be light to moderate, becoming fresh at times. Sea conditions will remain slight, with waves reaching around two feet onshore and three feet offshore.

With extreme daytime heat continuing alongside higher humidity and possible fog, residents are advised to plan outdoor activities carefully and exercise caution on the roads during periods of reduced visibility.


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