Maktoum Bin Mohammed Approves Comprehensive Strategy To Enhance Dubai's Financial Sector Growth

Dubai has become the largest licensed market for Virtual Assets (VA) globally. The Virtual Assets Regulatory Authority (VARA) of Dubai reports that VA transaction volumes have reached nearly AED2.5 trillion this year. This achievement underscores Dubai's status as a leading financial hub worldwide, driven by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum.

The establishment of VARA three years ago followed the issuance of a pioneering law regulating virtual assets by His Highness Sheikh Mohammed bin Rashid. This initiative aimed to position Dubai at the forefront of economic and financial innovation. During a recent meeting chaired by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, key strategies were discussed to further enhance Dubai's financial sector.

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Sheikh Maktoum approved the Dubai Financial Sector Strategy, which aims to double the sector’s contribution to GDP and expand asset management in Dubai. The strategy outlines transformative projects and an economic measurement system for implementation. It also includes plans for ARENA, a private offering platform launched by the Dubai Financial Market (DFM).

The strategy will introduce 15 transformative programmes over three years, focusing on areas like capital markets, asset management, SME financing, virtual assets, and FinTech. These initiatives aim to boost market activity by encouraging more family businesses and startups to list in Dubai.

The Higher Committee for the Development of the Economic and Financial Sector is tasked with endorsing policies that align with the Dubai Economic Agenda D33. The committee coordinates efforts among economic entities to ensure integration and competitiveness while monitoring future opportunities and challenges.

Sheikh Maktoum highlighted that these efforts are crucial for maintaining Dubai's global competitiveness in finance. The committee aims to streamline policies and create an integrated ecosystem that attracts investors, talent, and innovation to Dubai.

Virtual Assets Growth

VARA has made significant progress in establishing Dubai as a global hub for virtual assets. With over 40 licensed service providers, it is now the largest licensed market globally. VARA focuses on strengthening infrastructure while ensuring a secure environment for service providers and users.

The virtual assets sector currently contributes around 0.5% to Dubai’s GDP but is expected to grow significantly under VARA's regulation. The ecosystem aims to responsibly scale up its contribution to approximately 3% of GDP in the coming years.

Capital Market Achievements

During the meeting, Sheikh Maktoum reviewed DFM’s performance highlights for 2025. The DFM General Index rose by 14.7%, marking its highest level since 2008 with a total market capitalisation reaching AED1 trillion. Notable events included ALEC Holding's IPO and DU's secondary public offering.

Sheikh Maktoum praised DFM’s achievements and emphasised developing capital markets according to international standards. This development aims to create an optimal environment for both local and international investors.

Future Prospects

The Higher Committee continues to develop plans promoting Dubai as a premier destination for investors globally. These plans include launching innovative initiatives aligned with global transformations in operational models, ensuring long-term success through collaboration with stakeholders across the emirate.

The committee also reviews performance indicators from economic sectors as reference points for strengthening Dubai’s regional and global standing. This approach ensures that strategic goals are met while enhancing economic competitiveness.

With inputs from WAM