Maktoum Bin Mohammed Engages With PayPal CEO To Strengthen UAE's Digital Economy
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, recently met with Alex Chriss, President and CEO of PayPal. The meeting was held at Sheikh Maktoum’s office in Nad Al Sheba, Dubai. The discussions focused on enhancing digital payment systems, boosting e-commerce growth, and strengthening cross-border financial connectivity.
Sheikh Maktoum emphasised the UAE's commitment to becoming a global financial hub by fostering innovation and resilience. He highlighted the importance of partnerships with companies like PayPal to advance a digitally-enabled economy. This aligns with the UAE’s vision to strengthen its position as a focal point for the global financial industry.
In April 2025, PayPal established its regional headquarters for the Middle East and Africa in Dubai Internet City. This move marked a significant milestone in its global expansion strategy. Dubai serves as an operational base for approximately 80 countries across these regions, showcasing its strategic importance.
The meeting also underscored Dubai’s ability to provide a high-growth platform for global financial companies. Sheikh Maktoum noted that PayPal’s continued expansion from its base in Dubai Internet City is a testament to this capability. The city offers robust infrastructure and a supportive regulatory framework.
Sheikh Maktoum stressed that collaborations with innovative companies are crucial for achieving the goals of the Dubai Economic Agenda D33. This agenda aims to double the emirate’s GDP and position it among the world’s top four financial hubs by 2033. Partnerships with firms like PayPal are vital to this vision.
Founded in 1998, PayPal operates across more than 200 markets with 434 million active accounts as of the end of 2024. Last year, it processed US$1.68 trillion in total payment volume through 26 billion transactions, generating US$31.8 billion in net revenue. The company employs over 24,400 people globally.
The meeting was attended by several key figures: Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism; Hamad Obaid Al Mansoori, Director-General of Digital Dubai; Malek Al Malek, Director-General of the Dubai Development Authority and CEO of TECOM Group; and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.
Dubai’s dynamic financial ecosystem provides global companies access to high-growth markets with strong potential for expansion. Sheikh Maktoum noted that this environment supports companies like PayPal in their regional operations and growth strategies.
With inputs from WAM
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