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Hamdan bin Mohammed, Maktoum bin Mohammed issue directives to set up task force to track digital economy

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DUBAI (WAM) – Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed vital technology trends in the Metaverse and issued directives to form a task force to track the latest developments in the digital economy.

The move is part of the directives issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during the previous meeting of the Dubai Council.

Sheikh Mohammed had directed the formation of a higher committee to supervise technological developments in the emirate and oversee developments in the digital economy, contributing to enhancing Dubai’s status as the best city in the virtual space thanks to innovative services and its advanced regulatory and legislative framework.

Sheikh Hamdan said the formation of the higher committee to oversee technological advances in Dubai reflects the farsighted vision of father, who always looks ahead and takes proactive and prompt decisions to harness potential opportunities. The decision would cement Dubai’s status as a key city in the metaverse, he added.

Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy. Based on data and information, the strategy aims to increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030 and increase its contribution to Dubai’s GDP to 1 percent.

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During the meeting, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications and Chairman of The Dubai Chamber of Digital Economy, outlined how Dubai stands to benefit from the metaverse in a way that enables it to generate business opportunities beyond its physical borders.

The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent, in addition to supporting 42,000 jobs to become virtual.

Dubai plans to become a key player in the virtual world and is developing a regulatory and legislative framework for the sector. It is also launching projects and initiatives that will further raise its stature in the virtual world.

The committee is currently working on identifying opportunities and challenges and continuing the development of the legislative framework that covers future requirements of all sectors. In addition, the committee is working on qualifying human capital to be able to excel in the virtual world.

The metaverse is a virtual-reality space where users interact with computer-generated environments and other users. It combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies.

Current estimates expect business revenues from the metaverse could grow from US$180 billion to US$400 billion by 2025.

Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space. Expanding VARA’s resources to a borderless audience is part of Dubai’s strategy to create a prototype decentralised regulator model.

It also aims to make it accessible to government and industry leaders, other authorities and virtual asset service providers to help shape the future digital economy. VARA’s MetaHQ will utilise The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and purchase digital assets.

 

 

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    Sheikh Hamdan bin Mohammed, right, and brother Sheikh Maktoum took an overview of the vision and strategy ahead for the digital economy. WAM

  • Dubai-digital-economy

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Education

Dubai freezes private school fees for academic year 2026–27

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The Knowledge and Human Development Authority (KHDA) has confirmed that private school fees across Dubai will remain unchanged for the 2026–27 academic year following a leadership directive aimed at supporting families and maintaining stability in the education sector.

The decision was issued under the guidance of Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and comes as part of wider measures designed to strengthen Dubai’s private education system while easing financial pressure on parents.

The announcement follows approval of Dubai’s second economic incentives package worth Dh1.5 billion, bringing the total value of recent support measures introduced across the emirate to Dh2.5 billion.

Financial support for schools and nurseries

As part of the latest package, private schools regulated by KHDA will receive several forms of operational support, including deferred licence renewal fees and delayed payment of fines.

Early childhood centres will also benefit from exemptions on licence renewal fees, fines and Dubai Municipality market fees.

Additional support from Knowledge Fund Establishment will include partial rent exemptions and extended rent-free periods for centres currently under development.

Authorities said the measures are intended to help education providers maintain operational stability while ensuring families continue to have access to affordable learning options.

Stability for families

Officials said the fee freeze and support measures aim to balance the needs of both families and education providers while reinforcing long-term confidence in Dubai’s education system.

Additional measures announced include temporary freezes on rent increases, deferred rental payments and suspension of certain contractual penalties for education institutions

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Dubai announces free parking and extended public transport timings for Eid

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Roads and Transport Authority has confirmed a series of transport and parking changes across Dubai for the Eid Al Adha 2026 holiday, including free public parking, extended Dubai Metro operating hours and updated public bus schedules.

The announcement covers public parking zones, the Dubai Metro, Dubai Tram, buses, marine transport services and customer happiness centres during the long Eid break.

Free parking across city

Dubai residents and visitors will be able to use public parking spaces free of charge from Monday, May 25, until Friday, May 29.

The RTA clarified that the free parking arrangement applies to all public parking zones except multi-storey parking terminals, which will continue operating with regular paid tariffs.

The update comes shortly after Parkin expanded its smart parking system across parts of Dubai using AI-powered parking cameras and digital payment technologies.

Metro and tram timings

Dubai Metro Red and Green Line stations will operate daily from 5am until 1am the following day between May 25 and May 31, giving commuters and Eid visitors extended travel flexibility across the city.

Meanwhile, Dubai Tram services will run from 6am to 1am the following day during the Eid holiday period.

The extended operating hours are expected to support increased movement across shopping destinations, tourist attractions and Eid events taking place around Dubai.

Bus schedules

RTA also confirmed temporary adjustments to some bus services during the holiday.

Passengers travelling between Dubai and Abu Dhabi should note that the Bus Route E100 from Al Ghubaiba Bus Station will be suspended from May 25 to May 31.

Travellers heading to Abu Dhabi are instead advised to use Bus Route E101 operating from Ibn Battuta Bus Station.

Updated bus schedules and timings will remain available through the S’hail smart application.

RTA centres

All RTA Customer Happiness Centres will remain closed during the Eid Al Adha break.

However, Smart Customer Happiness Centres at Umm Ramool and smart kiosks across locations, including Deira, Al Barsha, Al Tawar, Al Kifaf and the RTA Head Office, will continue operating 24 hours a day throughout the holiday.

Dubai typically sees a major rise in public transport usage during Eid holidays as residents and tourists move across shopping malls, beaches, entertainment destinations and family gatherings throughout the emirate.

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Crime

Why UAE banks are moving beyond SMS, OTPs and security codes

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The Central Bank of the UAE has instructed financial institutions across the country to strengthen fraud prevention systems and tighten customer authentication procedures as digital banking scams continue evolving globally.

The move comes as the UAE expands its efforts to protect consumers and strengthen confidence in the country’s financial system amid growing use of online banking and digital payment services.

According to the Central Bank, banks and financial institutions are now required to improve how they verify transactions and avoid depending on a single authentication method, such as SMS alerts or one-time passwords (OTPs), which fraudsters increasingly target through sophisticated cyber scams.

Real-time fraud monitoring

The regulator also confirmed it has started building a new Anti-Fraud Operations Centre known as CAFOC, which will act as a central platform for monitoring suspicious activity in real time and coordinating rapid responses across the banking sector.

The new centre is expected to combine advanced tracking systems, analytical tools and data-driven fraud detection capabilities designed to identify emerging threats faster and improve coordination between banks and government authorities.

The Central Bank added that the anti-fraud framework will also help collect and analyse fraud trends and behavioural patterns, allowing regulators to develop more targeted supervisory policies and interventions.

The latest measures arrive as financial fraud risks continue rising worldwide alongside rapid digital transformation and increased reliance on mobile banking, online transactions and electronic payment systems.

Authorities said ongoing engagement with banks and licensed financial institutions has helped strengthen implementation of the updated requirements and improve the sector’s readiness to deal with increasingly complex fraud threats.

Cybersecurity and financial fraud prevention have become major priorities for regulators globally, with many countries introducing stricter digital authentication standards as online scams become more advanced.

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