Amid the growing trend of digitalization, Dubai’s Department of Finance (DOF) has signed a Memorandum of Understanding (MoU) with Network International (Network), a leading digital payments company in the Middle East and Africa (MEA) region. The deal is meant to turbocharge the Dubai Cashless Strategy, launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, in October 2024.
The MoU was formalized by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Jamal Al Nassai, Group MD for Merchant Services – Middle East and North Africa at Network International.
What is Dubai Cashless Strategy?
The Dubai Cashless Strategy is an initiative introduced in 2024 to ramp up the use of digital payments, knocking down coins and notes. The core idea of the strategy is to convert over 90% of transactions cashless by 2026.
Key focus areas of the new deal?
The new deal essentially advances the cashless strategy’s three prime areas: Governance, Innovation, and Societal Empowerment. Moving in lockstep, both teams will explore “fintech-led innovations, drawing on Network’s capabilities to deploy digital payment solutions that enhance financial inclusion and convenience for the broader community”, read an official statement by Dubai Finance.
Furthermore, the agreement aims to bring innovative ideas and technologies to establish advanced digital payment services.
Dubai is fueling its digital future with these key initiatives
The UAE and the emirate of Dubai have been clinging to the digital realm, with crypto-friendly initiatives. At the outset stands Dubai’s VARA, the stable and progressive regulatory framework for digital assets. The latest development in digitalization is Dubai’s Emirates Airlines’ deal with Dubai Duty Free and Crypto.com to enable digital payment solutions for travelers.
The emirate is also open to real estate tokenization with Dubai Land Department, Prypco, XRP Ledger, and Ctrl Alt. The land department has also recently partnered with crypto exchange Crypto.com to explore the use of digital currencies in real estate payments. In May, DOF signed an agreement with Crypto.com to allow crypto payments for government fees. Abu Dhabi’s Tawasul Transport and MBank are also instrumental in accelerating crypto adoption. They have jointly started accepting the UAE’s own stablecoin AE Coin for Tawasul taxi rides.
