Dubai rises to No. 1 globally in FinTech as Maktoum bin Mohammed reviews gold strategy

Dubai: His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Higher Committee for the Development of the Economic and Financial Sector, chaired a meeting of the committee to review the latest performance indicators across Dubai's economic and financial sectors.

The meeting reviewed Dubai's progress across a range of global financial competitiveness indicators and discussed strategic directions aimed at reinforcing the emirate's position as a leading global hub for gold. Sheikh Maktoum said Dubai continues to strengthen its economic competitiveness, develop its financial and economic sectors, build integrated ecosystems that support sustainable growth, and reinforce its position as a global centre for business, finance and trade.

“Guided by the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we continue Dubai's journey of economic diversification, competitiveness and sustainability,” Sheikh Maktoum said. Figures presented during the meeting showed that Dubai ranked first globally in FinTech in the Global Financial Centres Index (GFCI) published in September 2026, up from fifth place in March 2026. Dubai also advanced to second place globally in professional services, from fourth previously, and sixth in reputation, up from eighth.

For the fourth consecutive edition of the index, Dubai maintained its position as the global financial centre most likely to gain significance over the next two to three years. In the virtual assets sector, the number of licensed Virtual Asset Service Providers (VASPs) regulated by the Virtual Assets Regulatory Authority (VARA) increased to 52. Assets under management reached AED28 billion, while trading volumes among licensed providers totalled approximately AED7.43 trillion over the past 12 months. The committee also reviewed Dubai Financial Market (DFM) performance indicators.

Market capitalisation reached AED993.1 billion by the end of the third quarter of 2026, while average daily trading values rose by 24.5%. DFM attracted 55,462 new investors during the first nine months of 2026, with international investors accounting for 72.1% of new entrants. Dubai International Financial Centre (DIFC) now hosts more than 10,000 active registered companies, including 592 wealth and asset management firms and 1,933 FinTech and innovation companies.

The meeting also focused on the development of a comprehensive Dubai Gold Strategy covering the entire gold value chain, including supply, refining, trading, storage, financing, pricing, digital tokenisation and retail. According to figures presented to the committee, Dubai's foreign gold trade reached approximately AED1 trillion in 2025, representing year-on-year growth of 60%. The UAE traded around 2,750 tonnes of physical gold during the year, making it the world's second-largest physical gold trading hub. It was also estimated that between 13% and 15% of globally traded gold passes through Dubai annually. The Dubai Multi Commodities Centre's precious metals, gemstones and diamonds ecosystem now includes more than 1,500 member companies, while the Dubai Gold District, launched in 2026, hosts more than 1,000 retail gold and jewellery traders.

The committee reviewed six proposed strategic directions under the Dubai Gold Strategy, including expanding global gold trading networks, strengthening gold financing capabilities, enhancing Dubai's role as a secure gold storage hub, improving transparency and traceability standards, supporting gold price discovery mechanisms, and reinforcing the emirate's position as a global destination for jewellery and end-user demand. The meeting also approved the establishment of a committee chaired by His Excellency Abdulla bin Damithan to oversee the implementation of the Dubai Gold Strategy, develop its initiatives and coordinate with relevant entities on a roadmap for execution.