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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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Salary day scams on the rise, Abu Dhabi Police warn

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Abu Dhabi Police have warned residents to stay alert as online fraud and financial scams tend to increase during the salary payment period.

Authorities said fraudsters are taking advantage of payday by using fake advertisements, phishing links and fraudulent offers to steal money and personal information.

What to watch out for

According to police, scammers are posing as legitimate businesses and organisations to trick victims through:

  • Fake property rental and sale listings.
  • Bogus residency and visa services.
  • Fraudulent job and labour recruitment offers.
  • Fake insurance products.
  • False advertisements for vehicles allegedly seized by Abu Dhabi Customs.
  • Fake investment opportunities.
  • Counterfeit event tickets.
  • Websites impersonating government agencies and well-known organisations.
  • Requests to download remote access apps.
  • Demands for advance payments or deposits for goods, services, training courses or fake certificates.

How to stay safe

Abu Dhabi Police urged residents to:

  • Never share bank account details, passwords or one-time passwords (OTPs).
  • Avoid clicking on suspicious links or responding to unsolicited offers.
  • Verify sellers before transferring money or paying deposits.
  • Use only official websites and mobile apps for government services.

Residents who suspect they have been targeted by fraud are encouraged to report incidents through the Aman service.

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Buying medicines online? UAE issues urgent warning over unapproved drugs

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The Emirates Drug Establishment (EDE) has warned residents to be cautious of misleading online advertisements promoting unapproved medicines, saying fake health claims on websites and social media could put lives at risk.

The warning comes as the regulator announced action against 71 online sources found to be marketing or selling unauthorised peptide-based products, many of which were promoted as weight-loss treatments.

Beware of these misleading claims

According to EDE, illegal sellers are increasingly using professional-looking advertisements and social media campaigns to lure buyers with promises such as:

  • “Miracle cure for every illness”
  • “100% natural and completely safe”
  • “Limited stock available”
  • “Thousands of satisfied customers”

The authority warned that these claims are designed to persuade consumers to buy medicines from unlicensed sources.

“One click could cost you your health—or even your life,” EDE cautioned.

Buy medicines only from licensed stores

Residents are urged to purchase medicines only from licensed pharmacies and authorised healthcare providers and to ensure products are officially approved before use.

The regulator said medicines sold through unofficial online platforms may be counterfeit, substandard or unregistered, posing serious health risks.

Fake medicines a major concern

Citing World Health Organization (WHO) estimates, EDE said one in 10 medicines in some markets may be counterfeit or of poor quality.

It also warned that more than 90% of medicines sold through unauthorised online sources could be illegal or fail to meet regulatory standards.

Counterfeit medicines may contain harmful ingredients, incorrect dosages or expired substances, making them ineffective—or even dangerous.

Unapproved weight-loss drug

EDE also warned against the growing online promotion of peptide-based weight-loss injections that have not been approved in the UAE.

Among them is Retatrutide, an experimental drug that remains under clinical investigation and is not authorised for sale or medical use in the country.

Authorities monitoring online platforms

Fares Al Mazmi, Director of the Inspection and Control Department at EDE, said the authority is continuously monitoring websites and social media accounts promoting illegal medicines.

Working with other government agencies, EDE is blocking offending accounts, investigating violations and taking legal action against those responsible.

The regulator urged consumers to verify that medicines are officially registered before purchasing, stressing that buying from authorised sources remains the safest way to protect their health.

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Lost something in Dubai? Police now delivers it to your door

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Residents who have lost personal belongings in Dubai no longer need to visit a police service centre to collect recovered items.

Dubai Police has launched a new delivery service that allows customers to have lost-and-found items sent directly to their home or workplace anywhere in the UAE.

How the Service Works

The new initiative allows residents to request delivery of belongings recovered and verified by Dubai Police.

Customers can arrange the service by contacting the Dubai Police Call Centre on 901, after which the recovered item can be delivered to an address in any of the UAE’s seven emirates.

Making Police Services More Convenient

Dubai Police said the service is part of its ongoing efforts to make government services faster, smarter and more customer-friendly.

By removing the need for people to visit a service centre, the initiative aims to save time and simplify the process of reclaiming lost property.

The move also supports Dubai’s wider smart government strategy, which focuses on expanding digital services, improving customer satisfaction and making public services more accessible.

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