Maktoum clears Dubai Financial Sector Strategy to solidify status

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.

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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, His Highness 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.