Sheikh Ahmed bin Saeed Al Maktoum, the Chairman of the Free Zones Council in Dubai, witnessed the signing of a Memorandum of Understanding (MoU) between the Dubai Financial Department and the Dubai Free Zones Council. This agreement aims to enhance cooperation in digital payment initiatives and support the “Dubai Cashless Strategy,” all in the context of streamlining governmental efforts and accelerating the transition to a comprehensive digital transaction system.
In a post on social media platform X, he stated, “I attended the signing of the MoU between Dubai Finance and the Free Zones Council to coordinate joint efforts towards achieving the objectives of the ‘Dubai Cashless Strategy,’ and to expedite the transition towards a fully integrated digital transaction system across the emirate.”
He added, “This MoU exemplifies effective institutional integration, as it contributes to improving the efficiency of financial transactions and enhancing the preparedness of the business environment in free zones, which supports Dubai’s efforts to become one of the world’s leading digital cities, aligning with the objectives of the Dubai Economic Agenda (D33).
The agreement was signed by Abdul Rahman Saleh Al Saleh, Director General of the Dubai Financial Department, and Dr. Mohammed Al Zarouni, Secretary General of the Dubai Free Zones Council, in the presence of several officials from both entities.
The MoU aims to coordinate joint efforts to achieve the targets of the “Dubai Cashless Strategy,” which includes knowledge sharing and expertise in cashless transformation, collaboration in data and analytics sharing to assess the current situation and measure impact, and the utilization of modern financial technologies to accelerate the realization of a cashless society, thereby enhancing Dubai’s position as a top digital city globally.
Advanced Digital Transactions
Abdul Rahman Saleh Al Saleh, Director General of the Dubai Financial Department, commented, “This MoU embodies the commitment of the Dubai government to strengthen partnerships and accelerate the transition towards a fully integrated digital transaction system, supporting the objectives of the Dubai Cashless Strategy.”
He further remarked, “We at ‘Dubai Finance’ are dedicated to following the guidance of our leadership in enhancing cooperation in knowledge and data exchange and employing the latest fintech solutions, aiming to increase the efficiency of financial transactions and prepare both public and private sectors for the future, thus reinforcing Dubai’s status as one of the leading global digital cities and aligning with the goals of the Dubai Economic Agenda D33.”
Strategic Directions
Dr. Mohammed Al Zarouni, Secretary General of the Dubai Free Zones Council, emphasized that this initiative serves as a practical framework for enhancing collaboration with relevant government entities, supporting Dubai’s strategic direction toward a sophisticated digital transaction system. This will help achieve the targets of the “Dubai Cashless Strategy,” fortify Dubai’s position as a global capital for the digital economy, and boost the efficiency of services and flexibility of the business environment in free zones in the long term.
The framework of cooperation involves supporting awareness efforts and building national capacities, forming specialized working groups to develop innovative initiatives that promote the transition to a cashless society, and enhancing the adoption of digital payment tools and applications. This aligns with the strategic objectives to elevate the percentage of cashless transactions to 90% of total financial transactions in both public and private sectors, and to achieve 100% digital empowerment for institutions in these sectors by the end of 2026, in line with the goals of the Dubai Economic Agenda D33.