Deal to advance digital payment initiatives, support cashless strategy

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones (DFZ) Council, witnessed the signing of a Memorandum of Understanding (MoU) between the Department of Finance (DOF) and the Dubai Free Zones Council to advance digital payment initiatives and support Dubai’s Cashless Strategy.

The agreement supports stronger government integration and accelerates the transition to a fully digital transaction ecosystem.

The MoU was signed by Abdulrahman Saleh Al Saleh, Director General of DOF, and Dr. Mohammed Al Zarooni, Secretary General of the Dubai Free Zones Council, in the presence of senior officials.

The agreement seeks to align joint efforts in support of the Dubai Cashless Strategy. This includes the exchange of knowledge and expertise in cashless transformation, collaboration on data and analytics to track progress and assess impact, and the adoption of advanced financial technologies to accelerate the transition to a cashless society, reinforcing the emirate’s position as a leading global digital city.

Abdulrahman Saleh Al Saleh, Director-General of DOF, said, “The MoU reflects the Dubai Government’s commitment to strengthening government partnerships and unifying efforts to accelerate the transition towards an integrated digital transactions ecosystem, in support of the objectives of the Dubai Cashless Strategy.” “We are committed to implementing the directives of the leadership by strengthening collaboration in knowledge and data exchange and leveraging the latest financial technology solutions to enhance the efficiency of financial transactions and elevate the readiness of both the public and private sectors for the future. These efforts contribute to reinforcing Dubai’s position as one of the world’s leading digital cities and align with the objectives of the Dubai Economic Agenda D33,” he added.

Dr Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, said that this step represents a practical framework for strengthening cooperation with relevant government entities and supporting Dubai’s strategic direction toward an advanced digital transactions ecosystem. He noted that the initiative contributes to achieving the objectives of the Dubai Cashless Strategy, reinforces Dubai’s position as a global hub for the digital economy, and enhances the efficiency of services and the resilience of the business environment across free zones in the long term.

The areas of cooperation include supporting awareness initiatives and national capacity building, establishing specialised working groups to develop innovative initiatives that advance the transition to a cashless society, and encouraging the adoption of digital payment tools and applications.

These efforts contribute to achieving the Strategy’s targets, including raising the share of cashless transactions to 90% of total financial transactions across the public and private sectors and ensuring 100% digital enablement of institutions by the end of 2026, in line with the objectives of the Dubai Economic Agenda D33.

Meanwhile the Dubai Free Zones Council, chaired by Sheikh Ahmed Bin Saeed Al Maktoum, convened its 33rd meeting to review priority topics such as strengthening government cooperation, advancing the business environment across free zones, and enhancing regulatory readiness to facilitate their continued development.

In the presence of Lieutenant General Mohammed Ahmed Al Marri, Director General of the General Directorate of Identity and Foreigners Affairs in Dubai, the Council explored ways to enhance cooperation and achieve greater integration of efforts across free zones for increased ease of doing business. These efforts aim to elevate the investor experience and enhance the efficiency of procedures at free zones. The Council commended the integrated partnership manifesting across a host of initiatives aimed at regulating the labour sector and simplifying policies and procedures related to the sector and entry permits. This includes the ‘Events Visa’ initiative, which has been utilised by major companies operating in free zones, and the allocation of 71 staff members on a 24/7 basis within free zones was highlighted as a key enabler in accelerating transaction completion and facilitating operational requirements, supporting business continuity and enhancing service readiness.

The Council also discussed a proposal to establish a unified platform serving all free zones within an integrated system, contributing to the unification of procedures, strengthening institutional coordination, improving the efficiency of government service delivery, and enhancing the competitiveness of the business environment in the Emirate of Dubai.

The Council also discussed the Dubai Cashless Strategy presented by the Dubai Department of Finance, as part of efforts to strengthen cooperation on digital payment initiatives and support the achievement of the Dubai Cashless Strategy targets.

WAM