Dubai unveils plan to become one of the top three global financial hubs amid virtual assets boost

Emirate aims to double financial sector’s GDP share and build on its lead in capital markets

The Dubai Financial Market General Index has surged 14.7 per cent this year, reaching its highest level since 2008, with total market capitalisation surpassing AED1 trillion. Chris Whiteoak / The NationalShow less

Dubai has launched an ambitious overhaul of its financial sector as part of a drive to position the emirate among the world’s top three financial centres.

Virtual assets, capital markets and FinTech will form the backbone of future growth under the new Dubai Financial Sector Strategy, the Dubai Media office said in a statement on Sunday.

Approved by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, the new strategy sets out plans to double the sector’s contribution to the emirate's gross domestic product and expand the size of assets being managed by financial services companies in Dubai over the next decade.

“This strategy represents a major step for Dubai's financial sector," Sheikh Maktoum, who is also chairman of the Higher Committee for the Development of the Economic and Financial Sector, said.

"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."

The initiative is a key pillar of Dubai’s broader D33 economic agenda, which aims to double the size of the emirate's economy within 10 years and make the city one of the most competitive global hubs for business, finance and innovation.

Boosting digital assets, where Dubai is already emerging as a global leader, and accelerating the emirate's transition from traditional finance to digital-first services, are among central planks of the government's vision for the sector, the Media Office said.

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Virtual assets boom

Dubai, the commercial, tourism and financial hub of the Middle East, is now home to the world’s largest licensed virtual assets market, with transaction volumes across entities regulated by the Virtual Assets Regulatory Authority reaching nearly Dh2.5 trillion ($681 billion) so far this year.

The sector, established under the UAE’s virtual asset law three years ago, currently contributes about 0.5 per cent, around Dh2.2 billion, to GDP. Dubai aims to boost that contribution to about 3 per cent, or Dh13 billion, as the virtual asset ecosystem scales, the Media Office said.

More than 40 virtual asset service providers are now licensed under VARA, alongside 600 registered companies engaged in advisory, technology or proprietary trading services, according to government data.

Transforming the financial ecosystem

Over the next three years, Dubai will launch 15 transformative programmes targeting key areas such as capital markets, wealth and asset management, small and medium size enterprises financing and FinTech.

Measures include encouraging more family businesses and start-ups to list on local exchanges, updating legislation to attract more global asset managers to the emirate , and introducing new financing models to boost SME participation in the economy.

Dubai's economy, which bounced back strongly from the Covid-19-driven slowdown, has maintained a robust growth momentum since.

The emirate's capital markets have also reflected the trend, with the equities benchmark Dubai Financial Market General Index surging 16 per cent since the beginning of the year to its 2008 highs.

Dubai bourse along with Abu Dhabi Securities Market are also among some of the best performing regional IPO markets amid roubust investor appetite.

Construction and engineering firm Alec Holdings was the latest company to list its shares on the DFM this year through its Dh1.4 billion IPO. Telecom operator Du has also raised Dh3.15 billion through its secondary offering on the bourse in 2025.

Competing on a global stage

Dubai’s strategy reflects its rising prominence on the world stage.

The emirate now ranks 11th globally in the Global Financial Centres Index, up from 16th in 2023, and is projected to climb further as its financial ecosystem matures.

Sheikh Maktoum said the new strategy will ensure Dubai remains at the forefront of global financial innovation.

“Plans to launch 15 transformative programmes over the next three years aim to establish an innovative and sustainable financial ecosystem,” he said, adding that it will “advance our ambition to cement the emirate’s status as the world’s premier destination for financial services.”