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.

As GITEX GLOBAL 2025 returns to spotlight the technologies defining tomorrow, HONOR is positioning itself at the heart of the region’s AI revolution. With a growing footprint across the GCC, the brand is showcasing how intelligence can be both powerful and personal — from world-first AI Deepfake Detection to seamless device integration through HONOR Connect. In this conversation, Debo Zhang, general manager of HONOR GCC, talks about the company’s human-centric AI strategy, regional growth ambitions, and what visitors can expect from HONOR’s showcase at GITEX and beyond.

HONOR has been expanding its footprint in the GCC. What key messages and innovations are you showcasing at GITEX GLOBAL 2025?

At GITEX GLOBAL, HONOR is showcasing its connected ecosystem of smartphones, tablets, laptops, wearables and more, all designed to make everyday life AI smart and seamless. We’re highlighting our industry-first AI deepfake detection, empowering users to spot manipulated content and stay protected. It reflects our commitment to human-centric innovation, where technology builds trust, enhances security, and makes digital life safer and more meaningful for everyone.

How does the company’s presence at GITEX GLOBAL align with your growth strategy in the GCC, and what markets or segments are you prioritising?

The event provides the ideal platform for HONOR to reinforce its long-term commitment to the GCC’s digital transformation. It allows us to connect with partners, government entities, and consumers, while showcasing innovations that reflect the needs of local markets.

Our growth strategy focuses on local partnerships, AI ecosystem expansion, offline and online retail development. The UAE remains our central hub, while we continue strengthening presence in Oman, Qatar, and Bahrain through localised strategies.

Can you explain the AI Alpha Plan and how the company is approaching human-centric AI in its devices and services?

The AI Alpha Plan is our roadmap to making AI meaningful for people across the Middle East. It’s about creating devices that understand users, not just respond to them. Using deep learning and large language models, we design technology that anticipates needs, adapts to lifestyles, and enhances creativity.

Whether it’s optimising performance in regional climates or ensuring data privacy, every feature reflects our human centric AI vision — intelligence that empowers, protects, and simplifies life in a way that feels natural and deeply personal. We are also expanding this vision into our retail spaces, and we invite all your readers to experience it firsthand.

On October 26, we will open the doors to our new concept store in the heart of Dubai — Dubai Mall. Positioned as an AI Smart Living Innovation Hub, it will serve as a destination where cutting-edge technology meets cultural inspiration.

How do partnerships in the region support the company’s vision for AI and technology adoption, and are there any new collaborations you plan to highlight at GITEX GLOBAL?

Partnerships help us bring innovation closer to people’s lives. We’re collaborating with Zayed University to support students through hands-on AI learning and an on-campus innovation centre.

Beyond that, we’re working with local entities to adapt AI solutions for the region, ensuring our technology stays relevant, intuitive, and deeply connected to the communities we serve.

With AI increasingly shaping consumer electronics, how is HONOR differentiating itself in a competitive GCC market?

The brand’s differentiation lies in our human-centric AI approach, making innovation intelligent yet effortless, powerful yet personal.
Unlike others focusing solely on performance, we emphasise trust, privacy, and real usability.

Our on-device AI Deepfake Detection is a world-first, protecting users from manipulated content. Our AI Magic Portal and Magic Sidebar simplify multitasking, while HONOR Connect allows seamless integration across devices and even other ecosystems. This balance between innovation, security, and user empowerment is what makes HONOR stand out in the GCC’s rapidly evolving market.

What are your medium- to long-term plans for the HONOR brand in the GCC and the broader Middle East?

Our long-term goal is to establish the brand as the leading AI ecosystem brand in the region, not just a smartphone company.
We’re expanding through a three-pronged strategy:

• Strengthening post sale service and local retail with premium experience stores like the upcoming Dubai Mall ‘AI Smart Living Hub’
• Deepening partnerships with governments, universities, and telecom operators to drive AI education and adoption
• Diversifying our portfolio beyond smartphones, both in B2C and B2B channels, to tablets, laptops, wearables, and IoT devices that reflect the region’s tech-savvy lifestyles

We see the GCC as a vital base to drive innovation, inspire creativity, and scale HONOR’s AI ecosystem across the region.

Looking beyond GITEX, what are the company’s ambitions for innovation and market leadership in the region?

Beyond GITEX, HONOR aims to lead the next era of AI-powered innovation by expanding our AI Alpha Plan and introducing more intelligent, secure, and personalised experiences across product categories. We’ll continue investing in local R&D collaborations, supporting AI entrepreneurship through initiatives like the UAE AI CyberFest Startup Challenge, and expanding our cross-device ecosystem.

Our ambition is simple — to make the GCC a cornerstone of our global AI leadership, where technology truly empowers people and supports the region’s vision for a connected, secure, and human-centric digital future.

At 10am on a Monday, Dubai’s sun blazes with relentless intensity, mirroring the city’s pulse. From e&’s Al Kifaf headquarters, the city unfolds: Burj Khalifa piercing the sky, the Dubai Metro slicing through the sprawl, and streets alive with motion. Every view reflects Dubai’s ethos: innovation, ambition, action.

Hatem Dowidar, e&’s group CEO, enters his office composed, his presence fronts a strategic mind that has earned him a reputation globally as both a visionary and disruptor. Taking the leadership role in 2020, he launched a bold transformation in 2022, prioritising tech innovation, diversification, and global expansion.

“When I became Group CEO in 2020, it was clear the traditional telecom model had slowed down globally. With spectrum, infrastructure, and technology demands accelerating, standing still would have meant falling behind. We faced a simple choice: defend the past or redesign the future. We chose reinvention — and set e& on a new path built around growth, innovation, and value creation.”

That reinvention led to the 2022 rebrand from Etisalat to e&, with “Go for More” as a rallying cry. More than a brand positioning, it marked a pivot from traditional telecom to a tech-driven digital leader, now active in 38 countries and serving 198 million customers across AI, fintech, and digital services.

“The rebrand was a cultural shift,” Dowidar says. “It pushed our teams to think beyond telecom and embrace a digital future.” The results followed: in 2023, e&’s portfolio was valued at over $14bn, earning a AAA brand rating. By 2024, it was the Middle East’s fastest-growing tech brand, and in 2025, it claimed the title of World’s Fastest Growing Brand with a brand portfolio and investment value exceeding $20bn.

Diversification as a growth engine

Building on this momentum, e& has made diversification a cornerstone of its strategy. Through e& life, the company has expanded digital lifestyles via platforms like evision, the MENA region’s largest content aggregator. In 2023, evision launched STARZ ON, a free AI-powered streaming service featuring regional, Hollywood, Bollywood, Arabic, French, and sports content. Partnerships such as the deal with Shahid strengthen premium entertainment access. e& also supports esports through collaborations with BLAST Premier and Arena Esports, an esports ecosystem powered by e&.

In fintech, e& money became the UAE’s top app by active users, simplifying payments and expanding global remittances through partnerships like MoneyGram and financial inclusion through its partnership with the Ministry of Human Resources and Emiratisation (MoHRE) to provide wage protection services via the e& money platform. The $400m acquisition of Careem’s Super App in 2023 further extended digital finance, micro-mobility, and app-based lifestyle services across the region.

Meanwhile, e& enterprise delivers solutions in cloud, AI, IoT, and cybersecurity, highlighted by a $1bn-plus AWS alliance to accelerate regional digital transformation. e& capital invests in startups that redefine industries and shape the future, both regionally and globally.

Lessons from bold bets

Every initiative moved us forward — some through outcomes, others through lessons. “Sometimes the tech adoption curve wasn’t there, or the infrastructure wasn’t ready,” Dowidar says. “In these cases, what’s important to learn is when to push and when to pull back.”

Early fintech ventures highlighted the need for regulatory alignment, while entertainment projects offered insights into user engagement. Across these experiences, e& learned to balance innovation with pragmatism. “Not everything will be bulletproof, and that’s okay. What matters is having the wisdom and foresight to know when to pause, pivot, and channel focus into what’s truly working,” he explains.

Significant milestones include the October 2024 acquisition of a controlling stake in PPF Telecom Group (now e& PPF Telecom Group), expanding operations to 38 countries, and the March 2024 $6bn pledge to enhance connectivity across 16 countries in Africa, Asia, and the Middle East.

Operating in emerging markets presents challenges such as currency swings and inflation, but Dowidar sees these as opportunities to build resilient strategies, diversify revenues, and reinvest in long-term infrastructure.

H1 2025 results reflect this: e& reported a 60.7 per cent jump in consolidated net profit to Dhs8.8bn, while expansion continued with the opening of e& Wholesale Americas in Miami.

Four guiding pillars

Making the decision to diversify and pivot is treated strategically, says Dowidar, explaining that every decision at e& is measured against four questions: Does it strengthen the connectivity core? Does it accelerate digitalisation? Does it diversify the portfolio? Does it advance sustainability?

He explains: “This framework keeps us disciplined and ensures we’re building long-term value.”

Through this lens, every initiative is evaluated not just for immediate returns but for its contribution to a resilient, diversified, and sustainable digital ecosystem.

The UAE sovereign cloud partnership with AWS exemplifies this approach, supporting public sector digital transformation while reinforcing e&’s core capabilities. Similarly, the edge network partnership with Qualcomm integrates innovation, connectivity, and digitalisation, while collaborating with IBM to launch an AI Governance Platform and various AI-focused MoUs further advance e&’s role as a tech-driven enabler across industries.

These moves, along with a growing stake in the UK telecom sector via Vodafone, demonstrate e&’s commitment to disciplined, future-focused expansion — investments that are measured not just by immediate returns but by their ability to reinforce the company’s strategic pillars.

Technology and people are the backbone

Early investments in 5G allowed e& to lead in advanced technologies like network slicing and edge computing. Looking ahead, the company is preparing for quantum risks to encryption.

Partnerships with Microsoft and the acquisition of GlassHouse further embed AI and cloud capabilities across e&’s portfolio.

“Technology moves faster than any of us, but if your teams can’t keep up, innovation dies on the vine and you’ll burn out before you scale,” Dowidar notes. To address this, e& has launched the AI Academy and AI Graduate Programme, along with experiential initiatives like Excelerate&, giving teams hands-on exposure at Ericsson’s headquarters in Sweden. By cultivating internal talent, e& ensures innovation scales sustainably without over-reliance on external hires.

Public-private partnerships are key to transformation

However, large-scale digital transformation, Dowidar emphasises, cannot happen in isolation. Partnerships with governments allow scale, whether through sovereign cloud infrastructure, smart city platforms, or digital inclusion initiatives. The UAE sovereign cloud with AWS, which is endorsed by UAE Cyber Security Council, underscores how public-private alignment accelerates impact.

Further collaborations extend to the Ministry of Industry and Advanced Technology for industrial digitisation, iscore in Egypt for AI-powered credit risk management, and the UAE Cyber Security Council to develop unmanned traffic management systems.

“Partnering with governments is how you scale. Whether that’s sovereign cloud infrastructure, smart city platforms, or digital inclusion, scale comes when public sector priorities and private sector capabilities align,” Dowidar says. “Success requires shared vision, clear mandate, and both sides’ willingness and ability to move fast together.”

Pioneering innovation at GITEX Global 2025

Looking ahead to GITEX 2025, e& is focused on showcasing AI that delivers tangible, real-world impact. Dowidar says: “Last year, our focus was on showing AI in action, making it tangible rather than theoretical. This year, we’re going further — more industries, more communities, more scale. We’re less interested in adding to the AI hype, and more focused on proving what it can do in practice.”

Initiatives such as Qualcomm and e&’s AI at the Edge illustrate this philosophy. By embedding AI directly into edge networks, e& is enabling industries, from manufacturing to logistics, to harness real-time insights, improve efficiency, and drive smarter, safer decision-making.

The company’s enterprise collaborations, including e& enterprise and Microsoft, further highlight the drive to adopt AI at scale, bringing the benefits of advanced analytics and machine learning to a wider business ecosystem in the UAE.

Focused on integrity

As e& shapes the UAE’s digital future, Dowidar reflects: “Integrity is the most valuable currency a leader can have. Progress isn’t about moving fast; it’s about moving in the right direction. Surround yourself with people you trust, dare them to be bold, and you’ll achieve far more together than you ever could alone.”

For emerging leaders, his lessons underscore vision, discipline, and human focus. At e&, innovation is vital, but teams empowered to take risks and learn remain the company’s greatest asset.

Leadership lessons with Hatem Dowidar, GCEO, e&

Putting the customer at the centre

“What we’ve really focused on is putting the customer at the centre—whether that’s an individual, a corporate, a small business, or a government entity. We aim to be a one-stop partner for all their technology needs. For decades, we have delivered connectivity and entertainment on demand.

Today, we’re adding services that meet the needs of a fast-changing world: enterprise solutions like cloud, IoT, cybersecurity, and now AI-as-a-service. Many businesses can’t hire a chief AI officer or build an AI team, so we do that for them. For individuals, it’s about connectivity, entertainment, our super app partnerships, loyalty programmes like Smiles, and financial tools like e& money. It’s a comprehensive ecosystem designed around daily needs.

What drives me to come to work every day
Two things. First, it’s the responsibility toward all our stakeholders: customers, employees, and shareholders. Making the company a success is both a privilege and a challenge, and the drive to do a little better every day is exciting. Second, it’s about reshaping an industry I’ve been in for more than 30 years. Telecom has long been seen as a utility, just about connectivity. We’re repositioning it as the hub of all digital needs, back at the centre of technology where it belongs.

The leadership lessons that matter most
For me, leadership is about the “&” in our name; choosing “and” rather than “or.” Too many companies think they must pick between growth or profitability, telecom or tech. We look at how to combine opportunities, to go for more, not less. It’s about keeping an expansive mindset and encouraging the team to pursue multiple avenues for growth and service.

Facing challenges head on
Challenges are inevitable, whether you’re running a small company, a large corporation, or just navigating life. The key is to understand the real impact of the challenge and what it takes to overcome it. Sometimes you go straight through it, sometimes you must go around it. The first step is always clarity; knowing exactly what you’re facing.

A personal motto to stay inspired
It’s about going for more and creating a legacy. e& has been around for 50 years, which is old in telecom terms. The real question is: what are we building today that will keep this company thriving for the next 100 years? That’s the perspective that drives me.

How I manage my day
I believe every day has one thing that matters most. Many people create long to-do lists, but usually, one task will account for 90 per cent of success. Identifying that priority and focusing on it, even if it means dropping everything else, is how I manage my time and ensure progress.

Read: e&’s Khalifa Al Shamsi on engineering a new era of digital possibilities

Dubai Municipality has launched the ‘City Inspector’ initiative, a first-of-its-kind programme aimed at preparing and certifying qualified inspectors across various municipal sectors, the authority said.

The initiative is designed to build an integrated inspection system, unify processes, and enhance compliance with approved laws and regulations, ultimately raising service quality and community satisfaction.

As part of the first phase, Dubai Municipality has certified 63 Emirati inspectors skilled in 14 technical fields of municipal inspection.

The move is intended to standardise inspection practices, reduce duplication, and strengthen the efficiency of Dubai’s regulatory framework, reinforcing the city’s leadership in delivering a living environment focused on health, safety, and quality of life.

Marwan Ahmed bin Ghalita, DG of Dubai Municipality, emphasised the importance of regulatory and inspection operations in supporting service development and institutional planning.

City Inspector Professional Diploma announced

To support the initiative, Dubai Municipality has launched the ‘City Inspector Professional Diploma’, certifying inspectors across key municipal fields including health and safety, food safety, construction activities, waste management, sanitation, sustainability, and supervision of public facilities.

City inspectors will conduct periodic, complaint-based, and visual inspections, aiming to reduce redundant visits and minimise complaints regarding inspection procedures.

Their role is central to streamlining regulatory processes and safeguarding community interests.

The initiative introduces structural reforms and key enablers such as clearly defined inspection scopes and responsibilities, a legislative framework granting judicial authority status, detailed inspection manuals and risk-based checklists, comprehensive job descriptions, training and awareness programmes to enhance inspector capacity, and integration of advanced technologies to improve inspection efficiency and outcomes.

Dubai Healthcare City Authority (DHCA), the governing body of Dubai Healthcare City (DHCC), announced an Dhs1.3bn development plan for DHCC Phase 1, reinforcing its position as a destination for global healthcare investment.

The first stage of the plan will include the launch of a LEED platinum-certified office building, a purpose-built medical complex, and supporting infrastructure facilities aimed at driving ecosystem growth and delivering future-ready facilities.

Issam Galadari, CEO of DHCA, said the projects reflect the authority’s commitment to advancing Dubai’s healthcare infrastructure. “By creating an ecosystem that attracts investments, including FDI, and fosters innovation, while integrating sustainability with world-class design, we are aligning with the Dubai Economic Agenda, D33, and the UAE Net Zero Strategy 2050. Through the ongoing development, we will continue to cement DHCC’s position as the enabling healthcare and wellness destination for the region and beyond,” he said.

New LEED certified building at Dubai Healthcare City: Highlights

The LEED platinum-certified office building, the first of its kind in DHCC, is designed by P&T Architects and Engineers. Spanning 13,000 square metres across three basement levels and nine floors, it will offer flexible office units and ground-floor commercial spaces, achieving the highest international certification in sustainable urban development.

The purpose-built medical complex, designed by Dubai-based Design and Architecture Bureau (DAR), covers 5,800 square metres with two basement levels and five floors. It will provide adaptable spaces for surgical facilities, laboratories, diagnostics, outpatient care, medical offices, and support services. Its shell-and-core design, optimised layouts, and smart parking integration are intended to meet the evolving needs of healthcare providers and patients.

To enhance community access, DHCA will also deliver multi-storey car parks equipped with electric vehicle charging stations, Salik-integrated smart parking, and full accessibility features.

Allae Almanini, COO at DHCA, said the developments aim to boost confidence for healthcare providers and investors. “These projects will enhance accessibility, sustainability, and efficiency across the community, ensuring that DHCC remains the most attractive healthcare investment destination in the region,” he said.

Construction is scheduled to begin in December, with completion expected by November 2027.