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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.

Education

Dubai freezes private school fees for academic year 2026–27

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The Knowledge and Human Development Authority (KHDA) has confirmed that private school fees across Dubai will remain unchanged for the 2026–27 academic year following a leadership directive aimed at supporting families and maintaining stability in the education sector.

The decision was issued under the guidance of Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and comes as part of wider measures designed to strengthen Dubai’s private education system while easing financial pressure on parents.

The announcement follows approval of Dubai’s second economic incentives package worth Dh1.5 billion, bringing the total value of recent support measures introduced across the emirate to Dh2.5 billion.

Financial support for schools and nurseries

As part of the latest package, private schools regulated by KHDA will receive several forms of operational support, including deferred licence renewal fees and delayed payment of fines.

Early childhood centres will also benefit from exemptions on licence renewal fees, fines and Dubai Municipality market fees.

Additional support from Knowledge Fund Establishment will include partial rent exemptions and extended rent-free periods for centres currently under development.

Authorities said the measures are intended to help education providers maintain operational stability while ensuring families continue to have access to affordable learning options.

Stability for families

Officials said the fee freeze and support measures aim to balance the needs of both families and education providers while reinforcing long-term confidence in Dubai’s education system.

Additional measures announced include temporary freezes on rent increases, deferred rental payments and suspension of certain contractual penalties for education institutions

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Dubai announces free parking and extended public transport timings for Eid

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Roads and Transport Authority has confirmed a series of transport and parking changes across Dubai for the Eid Al Adha 2026 holiday, including free public parking, extended Dubai Metro operating hours and updated public bus schedules.

The announcement covers public parking zones, the Dubai Metro, Dubai Tram, buses, marine transport services and customer happiness centres during the long Eid break.

Free parking across city

Dubai residents and visitors will be able to use public parking spaces free of charge from Monday, May 25, until Friday, May 29.

The RTA clarified that the free parking arrangement applies to all public parking zones except multi-storey parking terminals, which will continue operating with regular paid tariffs.

The update comes shortly after Parkin expanded its smart parking system across parts of Dubai using AI-powered parking cameras and digital payment technologies.

Metro and tram timings

Dubai Metro Red and Green Line stations will operate daily from 5am until 1am the following day between May 25 and May 31, giving commuters and Eid visitors extended travel flexibility across the city.

Meanwhile, Dubai Tram services will run from 6am to 1am the following day during the Eid holiday period.

The extended operating hours are expected to support increased movement across shopping destinations, tourist attractions and Eid events taking place around Dubai.

Bus schedules

RTA also confirmed temporary adjustments to some bus services during the holiday.

Passengers travelling between Dubai and Abu Dhabi should note that the Bus Route E100 from Al Ghubaiba Bus Station will be suspended from May 25 to May 31.

Travellers heading to Abu Dhabi are instead advised to use Bus Route E101 operating from Ibn Battuta Bus Station.

Updated bus schedules and timings will remain available through the S’hail smart application.

RTA centres

All RTA Customer Happiness Centres will remain closed during the Eid Al Adha break.

However, Smart Customer Happiness Centres at Umm Ramool and smart kiosks across locations, including Deira, Al Barsha, Al Tawar, Al Kifaf and the RTA Head Office, will continue operating 24 hours a day throughout the holiday.

Dubai typically sees a major rise in public transport usage during Eid holidays as residents and tourists move across shopping malls, beaches, entertainment destinations and family gatherings throughout the emirate.

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Crime

Why UAE banks are moving beyond SMS, OTPs and security codes

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The Central Bank of the UAE has instructed financial institutions across the country to strengthen fraud prevention systems and tighten customer authentication procedures as digital banking scams continue evolving globally.

The move comes as the UAE expands its efforts to protect consumers and strengthen confidence in the country’s financial system amid growing use of online banking and digital payment services.

According to the Central Bank, banks and financial institutions are now required to improve how they verify transactions and avoid depending on a single authentication method, such as SMS alerts or one-time passwords (OTPs), which fraudsters increasingly target through sophisticated cyber scams.

Real-time fraud monitoring

The regulator also confirmed it has started building a new Anti-Fraud Operations Centre known as CAFOC, which will act as a central platform for monitoring suspicious activity in real time and coordinating rapid responses across the banking sector.

The new centre is expected to combine advanced tracking systems, analytical tools and data-driven fraud detection capabilities designed to identify emerging threats faster and improve coordination between banks and government authorities.

The Central Bank added that the anti-fraud framework will also help collect and analyse fraud trends and behavioural patterns, allowing regulators to develop more targeted supervisory policies and interventions.

The latest measures arrive as financial fraud risks continue rising worldwide alongside rapid digital transformation and increased reliance on mobile banking, online transactions and electronic payment systems.

Authorities said ongoing engagement with banks and licensed financial institutions has helped strengthen implementation of the updated requirements and improve the sector’s readiness to deal with increasingly complex fraud threats.

Cybersecurity and financial fraud prevention have become major priorities for regulators globally, with many countries introducing stricter digital authentication standards as online scams become more advanced.

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