Dubai targets 90 per cent cashless transactions by 2026 under new DFZ-DOF agreement

Dubai has taken a further step towards a fully digital economy after the signing of a new memorandum aimed at accelerating cashless payments across the emirate.

The agreement supports stronger government integration and advances the objectives of Dubai’s Cashless Strategy.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, witnessed the signing of a Memorandum of Understanding between the Department 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.

The agreement seeks to align joint efforts in support of the Dubai Cashless Strategy. This includes the exchange of knowledge and expertise in cashless transformation, collaboration on data and analytics to track progress and assess impact, and the adoption of advanced financial technologies to accelerate the transition to a cashless society.

The initiative also aims to reinforce Dubai’s position as a leading global digital city.

Abdulrahman Saleh Al Saleh, Director-General of DOF, said: “The MoU reflects the Dubai Government’s commitment to strengthening government partnerships and unifying efforts to accelerate the transition towards an integrated digital transactions ecosystem, in support of the objectives of the Dubai Cashless Strategy.

“We are committed to implementing the directives of the leadership by strengthening collaboration in knowledge and data exchange and leveraging the latest financial technology solutions to enhance the efficiency of financial transactions and elevate the readiness of both the public and private sectors for the future.

“These efforts contribute to reinforcing Dubai’s position as one of the world’s leading digital cities 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 that the agreement represents a practical framework for strengthening cooperation with relevant government entities and supporting Dubai’s strategic direction towards an advanced digital transactions ecosystem.

He noted that the initiative contributes to achieving the objectives of the Dubai Cashless Strategy, reinforces Dubai’s position as a global hub for the digital economy, and enhances the efficiency of services and the resilience of the business environment across free zones in the long term.

The areas of cooperation outlined in the MoU include supporting awareness initiatives and national capacity building, establishing specialised working groups to develop innovative initiatives that advance the transition to a cashless society, and encouraging the adoption of digital payment tools and applications.

These efforts contribute to achieving the Strategy’s targets, including raising the share of cashless transactions to 90 per cent of total financial transactions across the public and private sectors and ensuring 100 per cent digital enablement of institutions by the end of 2026.

The targets align with the objectives of the Dubai Economic Agenda D33.