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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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UAE drivers warned: Failing to stop for school bus carries a Dh1,000 fine and 10 points

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Abu Dhabi Police has reminded motorists to come to a complete stop when a school bus extends its side-mounted ‘Stop’ arm, warning that drivers who ignore the rule face a Dh1,000 fine and 10 traffic balck points.

Motorists must also keep a distance of at least 5 metres from the school bus while children are getting on or off.

Police said drivers must not attempt to overtake or pass a school bus when its stop arm is extended, as children may be crossing the road.

The five-metre safety rule is designed to give pupils enough room to cross safely while ensuring they remain visible to approaching motorists and the school bus driver.

Extra caution needed around schools

The reminder comes as schools reopen and thousands of school buses return to roads across Abu Dhabi, leading to heavier traffic around residential communities, school campuses and pick-up and drop-off points.

Police urged drivers to be particularly careful during the busy morning and afternoon school runs, when traffic around schools and buses increases significantly.

Motorists have been advised to slow down, stay alert and follow all traffic rules when approaching school buses.

Dh1,000 fine and 10 black points

Ignoring a school bus stop sign is a serious traffic violation, Abu Dhabi Police said.

Drivers who fail to stop when the bus extends its stop arm can be fined Dh1,000 and receive 10 traffic points.

Police stressed that keeping children safe on the road is a shared responsibility, calling on motorists to remain patient and avoid risky manoeuvres around school buses.

With thousands of children travelling to and from school every day, even a few seconds of caution can make a crucial difference.

The message from police is simple: when a school bus displays its Stop arm, stop, keep your distance and wait until it is safe to move again.

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UAE fuel prices rise in September: Check the new rates

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Motorists in the UAE will pay more for petrol and diesel in September, following the latest monthly fuel price announcement by the UAE Fuel Price Committee.

The new rates will take effect on September 1, 2026, with prices rising across all petrol categories as well as diesel.

Super 98 petrol will cost Dh3.80 per litre in September, up from Dh3.60 per litre in August.

Meanwhile, the price of Special 95 petrol has increased from Dh3.49 to Dh3.69 per litre.

E-Plus petrol will be priced at Dh3.61 per litre, compared with Dh3.41 per litre last month.

The biggest jump comes in the price of diesel, which will rise to Dh4.30 per litre in September, up from Dh3.80 per litre in August.

Fuel prices for September

  • Super 98: Dh3.80 per litre
  • Special 95: Dh3.69 per litre
  • E-Plus: Dh3.61 per litre
  • Diesel: Dh4.30 per litre

The UAE reviews retail fuel prices every month, with the Fuel Price Committee adjusting rates based on movements and trends in international energy markets.

The revised rates will be applicable at fuel stations across the UAE from September 1.

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Sharjah announces residential parking permit in 3 neighbourhoods

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Sharjah City Municipality has introduced a residential parking permit system in Al-Fisht, Sharqan and Al-Rifa’a to reserve parking spaces for residents and prevent misuse.

The new system is aimed at improving parking management and ensuring residents have better access to spaces near their homes.

Inspection campaign

Alongside the rollout, the Municipality has conducted inspections to identify parking violations in the three areas.

One of the main issues found was non-residents parking outside residential properties to avoid paying public parking fees.

Authorities have warned motorists who do not live in these areas against using residential parking spaces.

Violators could face legal and administrative action.

What residents should know

The residential permit system is intended to ensure designated parking spaces are used by eligible residents, while reducing misuse by motorists seeking to avoid public parking charges.

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