Dubai Aims for 100% Digitalization by End of 2026

Dubai’s Department of Finance and the General Directorate of Residency and Foreigners Affairs (GDRFA Dubai) have signed a memorandum of understanding to accelerate the implementation of the “Cashless Dubai” strategy. The initiative aims to convert 90% of all financial transactions across public and private entities into digital format, with a goal of reaching full digitalization by the end of 2026.

The agreement includes developing digital infrastructure, introducing financial technologies, sharing expertise between departments, and conducting awareness campaigns to strengthen public trust in digital solutions.

The strategy was launched in October 2024 by His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. Director General of the Dubai Department of Finance, Abdulrahman Saleh Al Saleh, emphasized that the partnership reflects institutional integration to realize the nation’s leadership vision. He noted that advancing cashless payments aligns with the Dubai Economic Agenda (D33) and supports the creation of a secure, modern payment environment.

Lieutenant General Mohammed Ahmed Al Marri, Director General of GDRFA Dubai, highlighted that the collaboration reinforces a people-first approach by offering smart and secure financial services that simplify lives and support aspirations. He added that enhancing the digital payment ecosystem is both a technological leap and an investment in Dubai’s future as a global innovation leader.

Amina Mohammed Lootah, Director of Digital Payment Systems Regulation, stated that intergovernmental cooperation under the Cashless Dubai strategy is expected to contribute at least AED 8 billion annually to the emirate’s economy through fintech innovation and sector growth.

Source: ArabianBusiness