News
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.
News
Crackdown on Illegal paying guests: Dubai’s new shared housing law takes effect with fines up to Dh1m
Dubai’s new legislation governing shared accommodation officially came into effect on August 26. Applying across the entire emirate, including free zones and special development zones, the comprehensive framework is designed to eliminate dangerous, overcrowded, and unauthorised partition rentals while establishing formal licensing standards for communal living.
What qualifies as shared housing?
Under the law, shared housing is defined as any residential property where individuals or families occupy private designated living spaces while sharing common facilities like kitchens, bathrooms, and dining areas.
Who is permitted to rent out shared units?
The new framework strictly bans unauthorised subletting by tenants. A primary tenant can no longer rent out individual bedrooms, partitioned spaces, or bed spaces directly to roommates or third parties.
Only the following entities can legally offer shared housing:
- Registered Property Owners: Leasing spaces directly to occupants under formal contracts.
- Licensed Management Companies: Authorised operators contracted by the owner to run and lease the property.
- Licensed Operators Subletting Master Leases: Approved commercial entities leasing an entire property from the owner to sublet authorised units to tenants.
Penalties for violations
Authorities have introduced strict financial and operational consequences for non-compliance:
- Initial Fines: Dh500 up to Dh500,000, depending on the severity of the violation.
- Repeat Violations: Fines double for repeat offences committed within one year, capped at Dh1,000,000.
- Operational Sanctions: Authorities may suspend operations for up to 6 months, revoke commercial licenses, cancel permits, disconnect utilities, seize equipment, or order the direct evacuation of non-compliant properties.
Grace period & tenant protection
- Compliance deadline: Existing shared housing operators and property owners have until August 26, 2027, to obtain permits and bring their properties into full compliance.
- Protection from sudden eviction: If an operator’s permit is suspended or cancelled, authorities can grant occupants an interim stay period to secure alternative accommodation rather than facing immediate eviction.
Approved property/resident categories
The regulation permits shared accommodation across six distinct property types:
- Residential apartments
- Detached/standalone houses
- Residential complexes
- Mixed-use buildings
- Attached / adjoining houses
- Multi-storey buildings
Permitted occupant groups include families, single men, single women, university students, government personnel, and private sector corporate employees. Corporate and student housing provided directly by employers or educational institutions does not require individual tenancy contracts.
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