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Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences

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For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.

Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.

The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.

Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.

Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. 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 will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare, President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.

In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.

Announcements

UAE announces 10 year Blue Residency Visa

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The UAE has announced a long-term residency for environment advocates. Called ‘Blue Residency’, the 10-year visa will be granted to individuals who have made “exceptional contributions and efforts in the field of protecting the environment”.

Applicable fields include boosting the air quality and green technology. “The sustainability of our economy has become linked to the sustainability of our environment,” said Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, as he chaired a Cabinet meeting on Wednesday.


Blue Residency: Who is eligible

The Blue Residency will specifically be granted to supporters of environmental action. This includes members of international organizations, international companies, members of associations and non-governmental organizations and global award winners. It also includes distinguished activists and researchers in environmental work. Those are interested in the residency are invited to submit their applications through the Federal Authority for Identity, Citizenship, Customs, and Port Security, or through nominations by competent authorities.

The UAE already grants 10-year residency visas, called golden visas, to eligible investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.

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‘Jaywan’ poised to generate savings of up to AED1 billion: Chairman of UBF

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Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), affirmed that the national domestic card scheme, Jaywan, is poised to generate substantial financial savings for numerous companies and retailers across the country, amounting to AED 1 billion compared to conventional cards such as Visa and MasterCard.

During remarks made at a meeting hosted by the UAE Banks Federation in collaboration with local and international media at the Mashreq Bank headquarters in Dubai, Al Ghurair elaborated on the cost efficiency of Jaywan. He highlighted that the adoption of this system and the utilization of new cards would significantly reduce expenses for businesses. Consequently, it is anticipated to save companies and retailers between AED 600 million and AED 1 billion, factoring in pricing or discount fees relative to current card schemes.

Al Ghurair noted that banks are unable to replace more than 10 million cards simultaneously. As a result, the implementation of the Jaywan direct debit card, designed for local in-store transactions, will occur progressively. Customers will receive the new card upon renewal, ensuring a seamless transition.

Moreover, he emphasised that while customers may opt for another international card based on personal preference, the new Jaywan card will be recognized across the Gulf Cooperation Council (GCC) region and numerous other countries through bilateral agreements.

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Sheikh Hamdan launches ‘Dubai Quality of Life Strategy’ 2033

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Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, today approved the ‘Dubai Quality of Life Strategy 2033’, a visionary strategy dedicated to ensuring the comprehensive wellbeing of all segments of the community including nationals, residents and visitors. Encompassing a holistic and integrated approach to wellbeing, the strategy aims to establish Dubai as a global leader in quality of life and enhance its status as the world’s preferred destination to live, work and visit.

HH Sheikh Hamdan bin Mohammed stressed that caring for people remains the cornerstone of Dubai’s sustainable development strategies. The wellbeing of individuals is the ultimate objective of our development plans and the primary criterion for the success of government programmes.

“We have today approved the Dubai Quality of Life Strategy 2033 as part of our efforts to raise our global standing in the economy as well as in the areas of innovation and wellbeing. The vibrancy and cultural diversity of our society are key to our development journey.”

“The Dubai Quality of Life Strategy encompasses over 200 projects, initiatives, and plans. The strategy encompasses ten key pillars, all dedicated to fostering the wellbeing of individuals, society, and the city. Our objective is to establish Dubai as one of the world’s best cities in terms of wellbeing, offer every resident a healthy, active, and enjoyable lifestyle, build a society that takes pride in its identity and cultural diversity, and offer the highest quality of leisure and entertainment. Dubai’s name will become synonymous with fine living worldwide.”

“All projects initiated as part of the strategy will be overseen by a new office dedicated to enhancing quality of life in Dubai, in coordination with over 19 government entities and dozens of private organisations,” His Highness added. 

Innovative initiatives
HH Sheikh Hamdan bin Mohammed Al Maktoum made these remarks after reviewing the highlights of the Dubai Quality of Life Strategy, which is aligned with the Dubai 2040 Urban Master Plan. The strategy features an integrated roadmap for sustainable urban development in the city for all segments of the community aimed at realising His Highness’s vision for Dubai’s future and establishing it as one of the world’s best cities in terms of wellbeing. 

Upon arrival at the designated location for the plan’s launch at Keturah Reserve, His Highness was received by His Excellency Mattar Al Tayer, Commissioner-General for Infrastructure, Urban Planning and Well-Being Pillar. His Highness was briefed about a host of innovative initiatives that included wellbeing districts, the 20-minute city concept, development of a new generation of parks, the walking strategy, development plans for outlying areas, the development of beaches, the landscaping strategy, and the development of sports and entertainment facilities accessible to all.

HH Sheikh Hamdan bin Mohammed reviewed the new vision for designing model neighbourhoods covering three districts across Dubai: Al Mizhar 1, Al Khawaneej 2, and Al Barsha 2. This new vision aims to enhance the infrastructure of these existing neighbourhoods by upgrading social amenities and services, promoting soft mobility options for healthier living environments, and improving connections between community hubs such as parks, mosques, and shops.

More than 115 km of pedestrian and cycling tracks will be constructed, more than 3,000 trees and plants will be planted, and more than 20 investment opportunities will be created during Phase 1 of the strategy for the residents of Al Khawaneej 2 and Al Barsha 2.

The redevelopment plans include upgrading the existing collector streets and constructing shaded canopies, lanes for bikes and e-scooters, pedestrian walkways, restrooms, and family recreational spaces. 

The vision also involves landscaping, constructing distinctive architectural gateways for each residential community, giving a unique character to every neighbourhood, and improving alleyways and street intersections to boost safety and provide pedestrian lanes. 

Furthermore, it offers investment opportunities for locals, enhances public services, and delivers the ’20-minute city’ concept, which aims to ensure residents can access 80% of essential services within a 20-minute journey aboard soft and sustainable mobility options. 

His Highness also reviewed the designs of the next generation of parks in Dubai, featuring new and innovative design elements that cater to the diverse needs of the community, reflect the unique character of each district, and incorporate sustainable activities to foster wellbeing. More than 30 parks with the new designs will be developed across the emirate within three years.

HH Sheikh Hamdan bin Mohammed directed all government departments in Dubai to expedite the implementation of projects and initiatives linked to the Dubai Quality of Life Strategy.

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