Dubai aims for 90 percent cashless transactions by 2026 under new DFZ-DOF deal
Dubai has taken another step towards a fully digital economy after the signing of a new memorandum aimed at speeding up cashless payments across the emirate.
This agreement supports strong government integration and furthers the objectives of Dubai’s Cashless Strategy.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, witnessed the signing of the Cooperation Agreement between the Ministry of Finance and the Dubai Free Zones Council.
The MoU was signed by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, in the presence of senior officials.
This agreement aims to harmonize joint efforts in support of the Dubai Cashless Strategy. This includes the exchange of knowledge and expertise on cashless transition, the collaboration of data and statistics to track progress and assess impact, and the adoption of advanced financial technologies to accelerate the transition to a cashless society.
The program also aims to strengthen Dubai’s position as the world’s leading digital city.
Abdulrahman Saleh Al Saleh, Director-General of DOF, said: “The MoU demonstrates the commitment of the Government of Dubai to strengthen government partnerships and joint efforts to accelerate the transition to an integrated system of digital transactions, supporting the objectives of the Dubai Cashless Strategy.
“We are committed to implementing leadership guidelines by strengthening cooperation in information and data exchange and using the latest financial technology solutions to improve the efficiency of financial transactions and increase the readiness of both public and private sectors for the future.
“These efforts contribute to strengthening Dubai’s position as one of the leading cities in the digital world and align with the objectives of the Dubai Economic Agenda D33.”
Digital payments in Dubai
Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, said the agreement represents an effective framework to strengthen cooperation with relevant government agencies and support Dubai’s strategic direction towards an improved digital transactions ecosystem.
He noted that this program contributes to the achievement of the goals of the Dubai Cashless Strategy, strengthens Dubai’s position as a global center for the digital economy, and improves the efficiency of services and the resilience of the business environment in all free zones in the long term.
Areas of cooperation outlined in the MoU include supporting national awareness and capacity building efforts, establishing working groups to develop new strategies that advance the transition to a cashless society, and promoting the adoption of digital payment tools and applications.
These efforts contribute to achieving the objectives of the Strategy, including increasing the share of non-cash activities to 90 percent of total financial activities in all public and private sectors and ensuring that digital institutions are 100 percent by the end of 2026.
The target is in line with the objectives of the Dubai Economic Agenda D33.
