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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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Begging scams and illegal butchers under Dubai Police watch this Eid

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Dubai Police has warned residents against dealing with beggars and itinerant butchers during Eid Al Adha, revealing that authorities arrested 50 people linked to begging and illegal slaughter activities during last year’s holiday period.

Police said some individuals attempt to exploit the festive season and people’s generosity through traditional street begging, online scams and unlicensed slaughter services operating in residential areas.

Brigadier Ali Salem Al Shamsi, Director of the Criminal Phenomena Department at Dubai Police, said anti-begging campaigns are being intensified in cooperation with strategic partners to tackle illegal activities that negatively impact public safety and the emirate’s image.

According to police, begging methods now extend beyond mosques and public markets to include electronic begging, fake donation requests and fraudulent humanitarian appeals shared online.

Authorities warned that some beggars use children, elderly individuals, sick people and people of determination to gain sympathy and collect money illegally.

Dubai Police also urged residents to donate only through officially recognised charities and approved humanitarian organisations to ensure funds reach legitimate causes.

Alongside the anti-begging warning, police cautioned the public against hiring itinerant butchers during Eid Al Adha, citing serious hygiene and public health risks.

Officials said illegal butchers often slaughter animals in unsanitary locations using unsterilised equipment, moved from house to house without proper cleaning or health supervision.

Residents have been urged to report beggars or illegal butchers by calling 901 or through the “Police Eye” feature on the Dubai Police smart app. Cases of online begging and fraud can also be reported through the e-Crime platform.

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Abu Dhabi Police announce major security and traffic plan during Eid holidays

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Abu Dhabi Police has announced full security and traffic readiness ahead of the Eid Al Adha holiday, unveiling a comprehensive plan aimed at ensuring public safety, easing congestion and strengthening emergency response across the emirate during one of the busiest periods of the year.

The force said security and traffic patrols will be intensified across major roads, commercial centres, parks, Eid prayer grounds and public gathering areas expected to see heavy footfall during the holiday.

Police presence will also increase in densely populated neighbourhoods and entertainment destinations across Abu Dhabi, Al Ain and Al Dhafra to support smoother traffic movement and maintain public safety throughout the celebrations.

Authorities confirmed that the central operations room will remain operational 24/7 to handle emergency calls and coordinate rapid response efforts in cooperation with strategic partners.

Special traffic management plans and diversion scenarios have also been prepared to minimise congestion during Eid activities and events across the emirate.

Police urged motorists to follow traffic regulations, avoid speeding and reckless driving, and maintain safe road behaviour throughout the holiday period.

The force also warned against dangerous celebratory behaviour, including drifting, illegal street racing and reckless stunts near residential areas.

Families were additionally advised to supervise children closely and avoid the use or trade of fireworks due to the serious safety risks associated with improper handling during Eid celebrations.

Abu Dhabi Police said awareness campaigns and field inspections will continue throughout Eid to strengthen community safety and ensure residents and visitors enjoy a safe and secure holiday across the emirates.

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UAE Eid warning: Dubai Police announce strict penalties for illegal fireworks

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Following a similar alert issued in Abu Dhabi, Dubai Police has warned residents against the use and trade of fireworks during Eid Al Adha celebrations, stressing the serious dangers they pose to public safety.

Authorities said fireworks can quickly turn festive gatherings into dangerous situations, causing injuries, fires and damage to property. Dubai Police warned that accidents linked to fireworks can result in severe burns, amputations and permanent disabilities.

The warning comes as police forces across the UAE step up public safety campaigns ahead of the Eid holidays, urging families not to allow children to handle fireworks or purchase them from illegal sellers.

Dubai Police also reminded residents that trading in fireworks without a licence is a criminal offence under UAE law.

Under Federal Decree Law No. 17 of 2019 concerning weapons, ammunition, explosives and hazardous materials, violators can face imprisonment for at least one year and fines of no less than Dh100,000, or both.

Authorities have urged the public to celebrate Eid responsibly and report illegal fireworks sales or suspicious activities to the relevant authorities.

Dubai Police called on community members to cooperate with authorities and prioritise safety during Eid celebrations by avoiding all forms of illegal fireworks activity.

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