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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 fuel prices: Will petrol get cheaper in August? Here’s what to expect

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UAE motorists could see petrol prices fall for a second consecutive month in August, although any reduction is expected to be modest as global oil markets remain volatile.

Experts are predicting lower crude oil prices during July will support another cut at the pump, but the ongoing geopolitical tensions and tight fuel inventories are likely to limit how much prices fall.

Based on current trends, experts estimate Special 95 could fall to around Dh3.13 per litre, while Super 98 could drop to about Dh3.24 per litre.

Oil markets continue to react to geopolitical developments, particularly tensions involving Iran and concerns over shipping routes in the Gulf.

However, prices are capable of moving up sharply if regional tensions escalate.

July fuel prices

  • Super 98: Dh3.40 per litre
  • Special 95: Dh3.29 per litre
  • E-Plus 91: Dh3.21 per litre
  • Diesel: Dh3.60 per litre

The UAE is expected to announce fuel prices for August this week, with many motorists hoping for another reduction to help ease the rising cost of living and daily commuting expenses.

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UAE weather alert: More summer showers expected as dust and strong winds persist

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The UAE is set for more unsettled summer weather over the coming days, with afternoon rain expected in parts of the country even as temperatures continue to climb above 40°C.

According to the National Centre of Meteorology (NCM), convective clouds are forecast to develop daily from Friday through Monday, August 3, bringing a chance of showers, particularly over eastern and southern areas of the UAE.

Where is rain expected?

The highest chance of rainfall is expected across eastern and southern parts of the country, including areas around Fujairah, the east coast of Sharjah and parts of Abu Dhabi’s interior. Elsewhere, skies will remain fair to partly cloudy.

The weather is being driven by a surface low-pressure system extending from the east, supported by an upper-air low-pressure system that is creating favourable conditions for cloud formation.

Hot days, stormy afternoons

Despite the rain forecast, temperatures will remain high:

  • Inland: 43°C to 48°C
  • Coastal areas: 38°C to 44°C
  • Mountains: 30°C to 38°C

Winds will be light to moderate but could strengthen to 45km/h at times, especially around developing storm clouds, raising dust and reducing visibility in exposed areas.

Sea conditions are expected to remain slight in both the Arabian Gulf and the Sea of Oman.

Day-by-day forecast

  • Friday: Afternoon clouds over eastern and southern regions with a chance of rain. Winds up to 40km/h.
  • Saturday: Fair to partly cloudy with afternoon showers possible in the east and south.
  • Sunday: Similar conditions, with another chance of convective rain in eastern and southern areas.
  • Monday: Unsettled weather continues, with rain possible and stronger winds likely to kick up dust.

El Nino expected to strengthen

The wet spell comes as the NCM says there is a 98% probability of moderate El Nino conditions persisting between July and November 2026.

Looking ahead, the NCM expects both temperatures and rainfall across the UAE to remain near to above seasonal averages through the second half of the year.

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Dubai traffic update: New lanes on two major roads to cut peak-hour travel times

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Motorists travelling on Ras Al Khor Road and Al Khail Road can expect shorter journeys after Dubai’s Roads and Transport Authority (RTA) completed a series of road upgrades to ease congestion.

The improvements include new lanes, upgraded entry and exit points, and wider road sections, increasing road efficiency by 20 per cent, according to the RTA.

What motorists need to know

Ras Al Khor Rd

A new lane has been added in the direction of Al Khail Road, extending from the Financial Centre Street intersection.

The road has been widened from three lanes to four, boosting capacity by 33 per cent.

RTA has also upgraded:

  • The exit from Financial Centre Street towards Meydan.
  • The entrance from Financial Centre Street onto Ras Al Khor Road.

The changes are expected to cut travel time towards Al Khail Road from 15 minutes to 12 minutes during busy periods.

Al Khail Rd

A new 1km lane has also been added on Al Khail Road towards Abu Dhabi, widening the road from three to four lanes.

The additional lane increases capacity by 33 per cent and is expected to reduce peak-hour journey times by up to 20 per cent.

Traffic improvement plans

The upgrades form part of the RTA’s ongoing programme to improve traffic flow at some of Dubai’s busiest roads.

Recent works in the same corridor include:

  • Opening a new exit from Financial Centre Street to Ras Al Khor Road.
  • Widening Exit 25 from Ras Al Khor Road to Al Khail Road towards Al Meydan Street.
  • Traffic improvements at several locations in Business Bay.

The RTA said the projects are designed to keep pace with Dubai’s rapid growth while making daily journeys faster and smoother for residents and visitors.

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