Dubai: In a major step toward strengthening Dubai’s position as a global hub for the digital economy, the General Directorate of Residency and Foreigners Affairs (GDRFA Dubai) and the Department of Finance (DOF) have signed a Memorandum of Understanding (MoU) to support the ‘Cashless Dubai’ initiative. The collaboration aims to expand digital payment channels, ensure secure and efficient transactions, and accelerate the emirate’s transition to a fully digital economy.
Launched in October 2024 by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Dubai Executive Council, the initiative seeks to enable 90% of government and private sector transactions through digital channels and achieve 100% digital readiness by the end of 2026.
H.E. Abdulrahman Saleh Al Saleh, Director General of the DOF, described the MoU as a model of intergovernmental collaboration. He noted that it aligns with the Dubai Economic Agenda (D33) and will help create an innovative, secure payment environment that supports individuals, businesses, and the national economy.
Lt. Gen. Mohammed Ahmed Al Marri, Director General of GDRFA Dubai, emphasized that the partnership reflects the vision of “putting people first” by simplifying lives and supporting aspirations through smart and secure financial services. He added that enhancing the digital payments ecosystem is not just technological advancement but an investment in Dubai’s future as a global leader in innovation and digital readiness.
Amina Mohammed Lootah, Director of Digital Payment Systems Regulation, highlighted that the agreement represents Dubai’s commitment to fostering innovative government partnerships and strengthening trust between institutions and customers. She said GDRFA Dubai will also play a vital role in raising awareness about adopting diverse, convenient, and secure digital payment solutions.
Through this collaboration, the ‘Cashless Dubai’ initiative is expected to contribute up to AED 8 billion annually to the emirate’s economy by driving fintech innovation and accelerating the growth of the local fintech sector. It also reinforces Dubai’s position as a leading smart city, offering an ideal environment for work, life, and prosperity.
