Dubai Financial Sector Strategy gets nod, here’s what it entails

Image: Getty Images/ For illustrative purposes

Dubai has emerged as the world’s single largest licensed virtual assets (VA) market, with year-to-date transaction volumes across regulated entities under the Virtual Assets Regulatory Authority (VARA) estimated at nearly Dhs2.5tn.

The significance of these milestones was highlighted during a meeting chaired by 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 Dubai.

During the meeting, Sheikh Maktoum approved the Dubai Financial Sector Strategy, a comprehensive roadmap aimed at solidifying Dubai’s position as a leading global financial hub.

Dubai Financial Sector Strategy: A strategic roadmap

The strategy sets key objectives including doubling the financial sector’s contribution to the emirate’s GDP and growing the size of assets under management in Dubai.

The discussion also covered mechanisms for implementing the strategy through transformative projects and the development of a robust economic measurement system, alongside a review of the executive plan for ARENA, the Dubai Financial Market’s (DFM) initial private offering platform. Sheikh Maktoum reviewed DFM’s 2025 performance highlights and VARA’s plans to develop the virtual assets sector.

“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 three global financial hubs, in line with the goals of the Dubai Economic Agenda D33,” Sheikh Maktoum said.

He also commended DFM’s achievements and called for the continued development of capital markets in accordance with international standards, while highlighting VARA’s pivotal role in enhancing transparency and solidifying Dubai’s global standing in virtual assets.

Read: Dubai’s DMCC and VARA partner to drive tokenisation of commodities

Key highlights of the strategy

The Dubai Financial Sector Strategy will implement 15 transformative programmes over three years, targeting capital markets, asset and wealth management, SME financing, virtual assets, and fintech.

It also seeks to boost market activity by encouraging the listing of family businesses and startups, and to expand the asset and wealth management sector through policies that attract new asset managers and family offices.

The strategy prioritises SMEs by developing innovative financing models to broaden access to capital, ensuring their sustainability and increasing their contribution to Dubai’s GDP.

Dubai continues to strengthen its global financial position, currently ranked 11th worldwide in the latest Global Financial Centers Index (GFCI), up from 12th earlier this year and 16th last year.

The city leads all global centres in future growth potential and is projected to see the most significant gains over the next two to three years.

VARA helps positions Dubai as a global digital assets ecosystem

VARA has played a central role in establishing Dubai as a premier hub for virtual assets and related services, focusing on infrastructure development and ecosystem expansion while ensuring a secure and innovative environment for providers and users. Year-to-date VA transaction volumes under VARA reached nearly Dhs2.5tn, while assets under management exceeded Dhs9.6bn in 2025, driven by institutional participation.

The virtual assets sector currently contributes an estimated 0.5 per cent to Dubai’s GDP, approximately Dhs2.2bn, with projections under VARA regulation to reach around 3 per cent, equivalent to Dhs13bn.

Dubai hosts over 40 licensed virtual asset service providers (VASPs) and more than 600 registered service providers engaged in advisory, technology, or proprietary trading activities not requiring full regulation.

DFM performance highlights reviewed during the meeting included a 14.7 per cent rise in the general index in 2025, total market capitalisation of Dhs1tn, the Dhs1.4bn IPO of ALEC Holding, and a secondary public offering for DU valued at about Dhs3.15bn.

The Higher Committee for the Development of the Economic and Financial Sector oversees the implementation of economic and financial policies supporting Dubai Economic Agenda D33, coordinating efforts among entities, promoting competitiveness, monitoring performance indicators, and ensuring long-term economic and financial growth.

It also develops initiatives to empower investors, facilitate capital flows, and position Dubai as a premier global destination for finance, investment, and entrepreneurship.