Sheikh Maktoum approves Dubai Financial Sector Strategy

Dubai has emerged as the world’s single largest licensed Virtual Assets (VA) market, with year-to-date VA transaction volumes across regulated entities under the Virtual Assets Regulatory Authority (VARA) of Dubai estimated at nearly Dhs2.5 trillion, further solidifying the emirate’s status as a leading global financial hub.

This landmark achievement stems from the forward-thinking vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to regulate the virtual assets market.

Three years ago, Sheikh Mohammed Bin Rashid issued the law regulating virtual assets, a first of its kind, alongside directives for the establishment of the Dubai Virtual Assets Regulatory Authority (VARA) to drive Dubai’s leadership in future economic and financial sectors.

These achievements were highlighted as Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of the Economic and Financial Sector in the emirate of Dubai, chaired a meeting of the committee.

During the meeting, Sheikh Maktoum approved the Dubai Financial Sector Strategy, a comprehensive roadmap designed to solidify Dubai’s position as a leading global financial hub, with key goals to double the financial sector’s contribution to the emirate’s GDP and grow the size of assets under management in Dubai.

The meeting discussed mechanisms for implementing the strategy through transformative projects, and the development of a robust economic measurement system in Dubai. The meeting also reviewed the executive plan for ARENA, the initial private offering platform launched by the Dubai Financial Market (DFM).

Sheikh Maktoum reviewed DFM’s performance highlights in 2025 and plans by Dubai’s Virtual Assets Regulatory Authority (VARA) to develop the sector.

Sheikh Maktoum affirmed that the Dubai Financial Sector Strategy reflects the forward-looking vision and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. The strategy aims to solidify Dubai's position at the forefront of the world's leading financial hubs, while furthering the sector's contribution to the emirate's economic growth and diversification.

H.H. said: “This strategy represents a major step for Dubai's financial sector. Plans to launch 15 transformative programmes over the next three years aim to establish an innovative and sustainable financial ecosystem. This will create promising opportunities for investors, bolster their confidence in Dubai's business environment, and advance our ambition to cement the emirate's status as the world's premier destination for financial services and one of the top 3 global financial hubs, in line with the goals of the Dubai Economic Agenda D33.”

Sheikh Maktoum also commended DFM’s achievements, calling for the continued development of the capital markets in accordance with the highest international standards to create an optimal environment for both local and international investors. He commended the pivotal role of Dubai's VARA in enhancing transparency and solidifying the emirate's standing as a global hub for virtual assets.

The meeting was attended by Mohammad Al Gergawi, Vice Chairman of the Committee; Mohamed Bin Hadi Al Hussaini, Omar Sultan Al Olama, Helal Saeed Al Marri, Essa Abdulfattah Kazim, Faisal Yousef bin Sulaitin, Fadel Abdulbaqi Al Ali, His Excellency Saeed AlEter, and Huda Sayed Naim Al Hashimi, Secretary General of the Committee.

The Dubai Financial Sector Strategy will roll out 15 transformative programmes over the next three years to drive growth and shape the future of global finance. The projects will focus on critical areas including capital markets, asset and wealth management, SME financing, virtual assets, and FinTech.

The strategy aims to boost market activity by encouraging the listing of more family businesses and startups. Simultaneously, it will foster growth in the asset and wealth management sector by developing legislation and policies that attract new asset managers and family businesses.

The strategy also focuses on enhancing the role of small and medium enterprises in the national economy by developing innovative financing models that expand access to capital, ensuring the sustainability of SMEs and increasing their contribution to GDP.

The approval of the strategy comes as Dubai continues to strengthen its position as a leading global financial hub, ranking 11th worldwide in the latest Global Financial Centers Index (GFCI) – up from 12th earlier this year and 16th last year. According to the Index, Dubai leads all global financial centres in future growth potential and is projected to gain most significantly over the next two to three years.

Sheikh Maktoum was updated on the significant progress made by VARA in establishing Dubai as a premier global hub for virtual assets and related services. VARA is focused on strengthening infrastructure and expanding the reach of the virtual assets ecosystem, while ensuring a secure, innovative environment for service providers and users alike.

Year-to-date VA transaction volumes across regulated entities under VARA surged to nearly Dhs2.5 trillion, reflecting the Authority’s impact. Meanwhile, assets under management exceeded Dhs9.6 billion in 2025, driven by the increasing participation of large institutional players.

The virtual assets sector today is estimated to contribute a conservative 0.5% to Dubai’s GDP, equivalent to approximately Dhs2.2 billion. Under the regulated VARA regime, the ecosystem is expected to scale responsibly and reach an estimated 3% GDP, reaching around Dhs13 billion.

Dubai currently hosts over 40 licensed virtual asset service providers (VASPs), making it the single largest licensed market of its kind globally. In addition to the licensed entities, there are more than 600 registered service providers engaged in advisory, technology, or proprietary trading activities that do not require full regulation.

During the meeting, His Highness Sheikh Maktoum reviewed the DFM’s key performance highlights. The DFM General Index has surged 14.7% this year, positioning it among the world's best-performing financial centres and marking its highest level since 2008. Total market capitalisation reached Dhs1 trillion in 2025. DFM also witnessed the Dhs1.4 billion IPO of ALEC Holding, and a secondary public offering for DU valued at approximately Dhs3.15 billion.

The Higher Committee for the Development of the Economic and Financial Sector aims to endorse high-level economic and financial policies and strategies that support the realisation of the Dubai Economic Agenda D33. The committee is tasked with coordinating efforts among relevant economic and financial entities to ensure integration of activities, promote sectoral competitiveness, and support the achievement of Dubai’s overarching economic and financial strategy.

Additionally, the Higher Committee monitors and anticipates future opportunities and challenges with the potential to impact economic and financial sectors, framing appropriate recommendations to address them. These efforts aim to ensure the long-term success of strategic goals in coordination with relevant stakeholders. A key priority is enhancing Dubai’s economic and financial competitiveness regionally and globally by streamlining policies and enablers. This includes developing an integrated ecosystem for conducting economic activities that boosts Dubai’s rankings in global competitiveness indices and ensures that the emirate remains attractive to investors, talent, and innovation.

The Higher Committee’s objectives also include launching innovative economic and financial initiatives aligned with global transformations and the structural shifts they require in operational models. These initiatives are designed to empower investors to expand their capital presence, ensure the flow of funds and investments, and provide the necessary incentives and facilities to individuals and institutions alike. The aim is to encourage them to leverage the investment opportunities available in Dubai, and to place such initiatives before the relevant authorities for implementation.

Furthermore, the committee develops and implement plans to promote Dubai as a premier destination for investors, portfolio managers, and entrepreneurs, both locally and internationally, and oversees the execution of these plans in collaboration with stakeholders across the emirate. In parallel, it reviews performance indicators from the economic and financial sectors and uses them as reference points to strengthen and elevate Dubai’s standing regionally, and globally.

WAM