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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.
Drivers in Dubai could soon experience dramatically shorter journeys as the Roads and Transport Authority (RTA) announced that the huge Al Khaleej Street Tunnel Project is now 80 per cent complete.
Part of the wider Al Shindagha Corridor Improvement Project, the development is expected to reduce travel times from 104 minutes to just 16 minutes by 2030.
One of Dubai’s biggest road projects
The giant tunnel project stretches approximately 1,650 metres, extending from the end of the Infinity Bridge ramp in Deira to the intersection of Al Khaleej Street and Al Wuheida Street.
Once completed, the project is expected to serve around one million people across several rapidly growing districts.
The tunnel includes:
- Three lanes in each direction
- Capacity for up to 12,000 vehicles per hour, both ways
- Development of 15 major intersections
Areas set to benefit
The upgraded road network will improve connectivity to several key areas, including:
- Dubai Islands
- Waterfront Market
- Dubai Maritime City
- Port Rashid
Officials say the project is designed to support population growth and keep pace with rapid urban expansion across the emirate.
Round-the-clock construction
To meet the planned completion schedule in the fourth quarter of this year:
- 14 teams are working continuously on excavation support
- Four additional teams are handling tunnel excavation works 24/7
Current excavation output stands at:
- 5,000 to 6,000 cubic metres daily
- Expected to increase to 8,500 cubic metres in the next phase
Massive safety milestone reached
The RTA also revealed the project has been completed nearly:
- Eight million work hours
- With zero lost-time injuries reported
The workforce currently includes:
- 1,591 engineers, technicians and workers
- 221 machines and heavy equipment across sites
Tunnel inspired by Dubai’s skyline
Adding a creative touch to the infrastructure project, the inside of the tunnel will feature a mosaic mural designed by Emirati artist Maryam Hathboor.
The artwork is inspired by banknote-style illustrations showcasing Dubai’s skyline, blending public art with urban engineering.
For commuters frustrated by heavy traffic, this project could eventually become one of the city’s most game-changing transport upgrades yet.
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