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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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Dubai to build region’s first falcon market and transform the creek into night-time destination

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Dubai is set to welcome a one-of-a-kind falcon market and a spectacular new lighting experience along Dubai Creek after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved a series of major development projects aimed at enhancing the city’s cultural, tourism and public spaces.

The new initiatives, announced by Dubai Municipality, include the Dubai Falcon Market, the first integrated falcon market of its kind in the region, and the Dubai Creek Lighting Project, which will transform one of the city’s oldest landmarks into a vibrant night-time destination.

Region’s first integrated falcon market

Designed to celebrate the UAE’s rich falconry heritage, the Dubai Falcon Market will combine tradition with modern architecture inspired by the wings of a falcon.

Spanning around 50,000 square feet and built at an estimated cost of Dh50 million, the market will feature specialist falcon shops, equipment stores, cultural exhibition spaces, heritage events, a dedicated veterinary clinic and visitor experiences, all within a purpose-built destination showcasing one of the country’s most treasured traditions.

The project also forms part of Dubai’s wider strategy to develop rural and desert areas while preserving Emirati heritage and creating new attractions for residents and tourists.

Dubai Creek to shine with new night-time experience

Dubai Creek, one of the emirate’s most historic waterfronts, is also set for a major makeover.

The Dubai Creek Lighting Project will introduce an innovative lighting system stretching across 8km of the creek, illuminating promenades, heritage markets, waterfront walkways, building façades and key entry points.

The aim is to transform the area into a lively evening destination while highlighting its architectural and cultural significance.

Once completed, visitors can expect enhanced pedestrian areas, interactive public spaces and a striking visual experience designed to bring new life to the historic district after sunset.

The project is expected to be completed in the first quarter of 2027.

Commenting on the projects, Sheikh Hamdan said Dubai remains committed to developing people-focused urban spaces that combine innovation, sustainability and advanced technology while preserving the emirate’s identity and cultural heritage.

The latest initiatives form part of Dubai’s long-term vision to create world-class public spaces, strengthen the tourism and creative sectors, and enhance the quality of life for residents and visitors alike.

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Dubai’s new AI design competition offers Dh200,000 in cash prizes

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Think you can design the park of the future? Dubai Municipality is inviting architects, designers, students and AI enthusiasts to do exactly that, with the help of artificial intelligence.

Under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, Dubai Municipality has launched what it says is the world’s first AI-powered park design challenge, allowing participants to reimagine Al Safa 2 Park using AI-driven tools. The competition also offers a total prize pool of Dh200,000.

Designing future of public parks

The initiative aims to explore how artificial intelligence can support every stage of park design, from analysing the site and understanding user needs to generating concepts, testing ideas and creating visualisations.

While AI will play a central role in the creative process, Dubai Municipality stressed that final design decisions will remain human-led.

Participants are expected to submit a master plan for Al Safa 2 Park, along with supporting data analysis, design concepts and visualisations that demonstrate how AI was used throughout the project.

Open to professionals, students and startups

The competition is open to a wide range of participants, including architects, urban planners, landscape designers, researchers, university students, startups and AI specialists.

Entries should showcase how artificial intelligence was integrated into different stages of the design process, including environmental analysis, spatial planning, user experience and performance optimisation.

Focus on sustainability and community

Designs will be assessed on more than just creativity.

Dubai Municipality is looking for practical proposals that improve sustainability, accessibility, wellbeing, inclusivity and social interaction while creating vibrant public spaces that enhance residents’ quality of life.

A panel of government officials and international experts will evaluate the submissions, with members of the public also getting the opportunity to help choose the winning designs.

Dh200,000 prize pool

The competition offers cash prizes for the top three entries:

  • First prize: Dh100,000
  • Second prize: Dh65,000
  • Third prize: Dh35,000

Applications are open until August 15, through Dubai Municipality’s official competition platform (https://aipark.dm.gov.ae/ai-competition).

The initiative reflects Dubai’s wider ambition to position itself as a global leader in AI, innovation and smart urban development by combining emerging technologies with human creativity to shape the cities of the future.

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UAE motorists advised of two-month traffic diversion in Sharjah

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Motorists travelling through Sharjah’s industrial district should prepare for temporary road closures over the next two months.

The Sharjah Roads and Transport Authority (SRTA) has announced a traffic diversion between Industrial Area 12 and Industrial Area 13 as part of road maintenance and infrastructure upgrade works to improve traffic flow and enhance the emirate’s road network.

The diversion will be in place from Tuesday, June 30, until Sunday, August 30, with drivers required to use the approved alternative routes during construction.

SRTA said the project is designed to improve the efficiency of the road network and ease traffic movement in the area once the works are completed.

The authority has urged motorists to follow the designated diversion routes, obey traffic signs and adhere to road safety instructions to help ensure smooth traffic flow and minimise delays.

Drivers travelling through the area are advised to plan their journeys and allow extra travel time, particularly during peak hours.

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