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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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Visiting Wafi Mall? Your parking can now be paid through Salik

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Parking at Wafi Mall has gone fully digital.

Parkonic has introduced its ticketless parking system at the popular Dubai mall, allowing motorists to pay parking fees automatically through their Salik accounts or by scanning a QR code before leaving.

When drivers enter the car park, their vehicle’s number plate is automatically scanned, creating a digital parking ticket without the need for paper tickets or parking machines.

Parking charges

  • First 3 hours: Free
  • 3–4 hours: Dh15
  • Each additional hour (or part): Dh10

Parking charges apply Monday to Friday, while parking remains free on Saturdays, Sundays and public holidays.

Drivers who leave and return after using their three free hours will be treated as a new entry. However, to receive another three hours of free parking on the same day, there must be a two-hour gap between visits.

There are no cash payment options or parking machines at the site. Visitors without a Salik account, or those with insufficient balance, must pay using an alternative payment method before exiting.

Loading bay vehicles are eligible for one extra hour of free parking once validated.

Parkonic warned that motorists who fail to pay the required parking fees could face fines, blacklisting or legal action.

The operator has been expanding its ticketless parking network across the UAE, with recent rollouts at West Yas Plaza, Yas Bay, Yas Marina, selected Choithrams stores, Discovery Gardens and Palm Jumeirah Crescent.

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Four-day deadline for Sharjah motorists to claim impounded vehicles

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If your vehicle has been impounded in Sharjah, now is the time to check.

Sharjah City Municipality has given owners of impounded vehicles, machinery, motorcycles and bicycles four days to complete the necessary release procedures or risk having their property sold at a public auction.

The warning applies to vehicles and equipment that have remained impounded for more than six months.

Owners are required to visit the Control and Inspection Department in Industrial Area 5 to resolve the reason for the impoundment and complete the legal procedures needed to recover their property.

After the deadline, any unclaimed vehicles or equipment will be put up for public auction.

To help owners, the municipality has published a list of all affected vehicles on its official website, allowing residents to check whether their vehicle is included before visiting the department.

The move is part of Sharjah Municipality’s ongoing efforts to regulate impounded assets and encourage owners to complete the required procedures within the specified timeframe.


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UAE motorists face Dh500 fine for carrying extra passengers

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Abu Dhabi Police are reminding motorists not to carry more passengers than their vehicle is designed for, warning that overcrowded cars significantly increase the risk of serious injuries and fatal crashes.

Officials said exceeding a vehicle’s approved passenger capacity can leave some occupants without seat belts, reduce the driver’s control of the vehicle and make accidents more likely.

Drivers have been urged to ensure every passenger is seated in a designated seat and wearing a seat belt before setting off.

Motorists caught carrying more passengers than permitted face a Dh500 fine, four black points on their driving licence and seven days of vehicle impoundment.

Abu Dhabi Police stressed that following passenger limits is a basic road safety requirement and reminded drivers that protecting everyone inside the vehicle is a shared responsibility.

The number of passengers per car: 

Most private cars and sedans allow up to 4 passengers plus the driver. Larger SUVs or vans can seat up to 6 to 7 passengers or more, depending on their registered design. 


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