Latest news with #AbdulrahmanSalehAlSaleh
Arabian Post
17-05-2025
- Business
- Arabian Post
Dubai Advances Cashless Economy with Strategic Financial Alliance
Dubai's Department of Finance and the Dubai International Financial Centre have formalised a partnership to accelerate the emirate's transition to a cashless economy. The agreement, signed in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, underscores the shared commitment to the Dubai Cashless Strategy, which aims for 90% of all transactions to be digital by 2026. The Memorandum of Understanding was signed by Abdulrahman Saleh Al Saleh, Director-General of DOF, and Essa Kazim, Governor of DIFC. The collaboration focuses on three core pillars: Governance, Innovation, and Society, with an emphasis on enhancing the exchange of information and expertise in financial digitalisation. Essa Kazim highlighted DIFC's role as a regional leader in financial innovation, stating that the centre's ecosystem is well-positioned to support the strategy's objectives. DIFC hosts the largest concentration of fintech companies and global financial institutions in the region, providing a robust platform for implementing digital payment solutions. The Dubai Cashless Strategy, launched by Digital Dubai, is aligned with the Dubai Economic Agenda and aims to bolster secure digital payment solutions across both government and private sectors. The initiative is expected to contribute over AED 8 billion annually to the economy through fintech innovation. Abdulrahman Saleh Al Saleh noted that 97% of Dubai government transactions were digital in 2023, reflecting the emirate's advanced financial ecosystem. He emphasised that the strategy aligns with the vision of enhancing Dubai's global business position. The partnership between DOF and DIFC is part of a broader effort to position Dubai as a global hub for digital finance. DIFC has been actively involved in initiatives such as the Sustainable Finance Catalyst, which aims to scale sustainable finance flows from Dubai to USD 100 billion by 2030. The catalyst is supported by an AI-driven sustainability knowledge hub and seeks to train one million future sustainability leaders. See also Aramco Posts Drop in Q1 Profit Amid Economic Uncertainty
Gulf Today
13-05-2025
- Business
- Gulf Today
Dubai Finance signs MoU with Crypto.com to enable cryptocurrency payments for government fees
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies-an initiative that marks a significant step in advancing digital finance on a global scale. The MoU was signed on Monday in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF. The agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of UAE, the cryptocurrency platform licensed by the Dubai's Virtual Assets Regulatory Authority (VARA). The signing took place on the sidelines of DOF and participation in the Dubai FinTech Summit, which commenced today at the Dubai International Financial Centre, representing a key step in advancing Dubai's digital finance landscape. The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. It also paves the way for Dubai's transition to a fully digital, cashless society by empowering the Government of Dubai to introduce a new digital payment channel across its official platforms. The initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai's position as a global hub for financial innovation. Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, said that adopting secure cryptocurrency solutions within the Government of Dubai's payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments. "Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community. As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services. I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33 and reinforce Dubai's status as a global hub for innovation,' Al Basti said. Abdulrahman Saleh Al Saleh, Director-General of DOF, said, "We take great pride in Dubai Finance's key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future. As we stand at the forefront of a transformative financial revolution, we underscore the significance of the MoU with in accelerating the strategy's objectives-aligning with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance Dubai's global standing in digital payments. We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem and develop innovative solutions that support the rapidly evolving digital economy." Eric Anziani, President and COO of said, "The Government of Dubai has been a true global visionary with its plans for a cashless society. We are proud to be selected to support Dubai's Department of Finance as part of this initiative, which will see enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitisation. We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai's leadership in shaping the future of economic growth with ambitious programmes such as these.' Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, reaffirmed Dubai Finance's commitment to embracing the latest financial technologies, underscoring Dubai's ambitious vision to position itself as a global hub for digital payments. "Collaboration between the public and private sectors plays a vital role in driving this transformation. We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai's leadership in financial technology and keeping it at the forefront of global innovation and economic progress,' he said. Mohammed Al Hakim, President of UAE, said, "Today's announcement represents significant progress for the adoption of digital finance with a comprehensive integration into the layers of government payments. As part of the ambitious D33 agenda, we are honoured to partner with Dubai Finance on a truly global first programme, as the emirate aims to transform Dubai's economic growth with the Dubai Cashless Strategy, leading the way in shaping the future of sustainable economic diversification." Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, said, "The Dubai Cashless Strategy aims to strengthen the emirate's position among the world's leading digital cities, with a goal of conducting more than 90 per cent of financial transactions across both the public and private sectors through cashless methods by 2026. The signing of this agreement with a globally renowned cryptocurrency platform marks a groundbreaking initiative, enabling government service users to pay all government fees through digital currencies-an unprecedented step in the global financial landscape. We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.' The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8 billion annually to the economy, fuelled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai's fintech sector. Once the necessary technical arrangements for the agreement's activation are finalised, individuals and businesses customers of government entities will be able to pay service fees seamlessly through digital wallets. The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework. WAM
Gulf Insider
13-05-2025
- Business
- Gulf Insider
Dubai to Allow Crypto Payments for Government Services
Dubai will allow individuals and businesses to use cryptocurrency to pay for government services. Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies. It marks a significant step in advancing digital finance on a global scale in the UAE. The MoU was signed in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF. The agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of UAE, the cryptocurrency platform licensed by the Dubai's Virtual Assets Regulatory Authority (VARA). The signing took place on the sidelines of DOF and participation in the Dubai FinTech Summit, which commenced at the Dubai International Financial Centre, representing a key step in advancing Dubai's digital finance landscape. The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. It also paves the way for Dubai's transition to a fully digital, cashless society by empowering the Government of Dubai to introduce a new digital payment channel across its official platforms. The initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai's position as a global hub for financial innovation. Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, said that adopting secure cryptocurrency solutions within the Government of Dubai's payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments. Al Basti said: 'Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community. 'As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services. 'I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33 and reinforce Dubai's status as a global hub for innovation'. Abdulrahman Saleh Al Saleh, Director-General of DOF, said: 'We take great pride in Dubai Finance's key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future. As we stand at the forefront of a transformative financial revolution, we underscore the significance of the MoU with in accelerating the strategy's objectives—aligning with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance Dubai's global standing in digital payments. 'We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem and develop innovative solutions that support the rapidly evolving digital economy.' Eric Anziani, President and COO of said: 'The Government of Dubai has been a true global visionary with its plans for a cashless society. We are proud to be selected to support Dubai's Department of Finance as part of this initiative, which will see enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitisation. 'We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai's leadership in shaping the future of economic growth with ambitious programmes such as these.' Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, reaffirmed Dubai Finance's commitment to embracing the latest financial technologies, underscoring Dubai's ambitious vision to position itself as a global hub for digital payments. He said: 'Collaboration between the public and private sectors plays a vital role in driving this transformation. We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. 'This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai's leadership in financial technology and keeping it at the forefront of global innovation and economic progress'. Mohammed Al Hakim, President of UAE, said: 'Today's announcement represents significant progress for the adoption of digital finance with a comprehensive integration into the layers of government payments. 'As part of the ambitious D33 agenda, we are honoured to partner with Dubai Finance on a truly global first programme, as the emirate aims to transform Dubai's economic growth with the Dubai Cashless Strategy, leading the way in shaping the future of sustainable economic diversification.' Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, said: 'The Dubai Cashless Strategy aims to strengthen the emirate's position among the world's leading digital cities, with a goal of conducting more than 90 percent of financial transactions across both the public and private sectors through cashless methods by 2026. 'The signing of this agreement with a globally renowned cryptocurrency platform marks a groundbreaking initiative, enabling government service users to pay all government fees through digital currencies—an unprecedented step in the global financial landscape. 'We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.' The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8bn ($2.2bn) annually to the economy, fuelled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai's fintech sector. Once the necessary technical arrangements for the agreement's activation are finalised, individuals and businesses customers of government entities will be able to pay service fees seamlessly through digital wallets. The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework. Also read: Bahrain's DANAT Showcases Pearl Heritage At Arabian Travel Market 2025 In Dubai
Hi Dubai
22-04-2025
- Business
- Hi Dubai
Dubai Launches World's First AI Compliance Platform for Public Finance
Dubai Finance (DOF) has unveiled ASCEND (AI-Assisted System for Compliance Verification and Recommendations), the world's first AI-powered compliance verification platform for public finance, at the inaugural Dubai AI Week. Announced by Abdulrahman Saleh Al Saleh, Director General of DOF, ASCEND is a central pillar of the department's AI strategy, aimed at boosting operational efficiency and enhancing financial governance. 'By embedding AI into our governance model, we are reinforcing accountability and agility while advancing Dubai's global leadership in digital government,' Al Saleh said. ASCEND tackles key compliance challenges like fragmented data and manual reviews by introducing autonomous, real-time assessments. According to Huda Hamdan Al Shaikh, Executive Director of the Corporate Services Sector and CEO of AI at DOF, the platform replaces traditional processes with AI-led governance. Powered by open-source large language models (LLMs) and Retrieval-Augmented Generation (RAG), ASCEND interprets legal texts, analyzes financial procedures, and performs compliance checks. It conducts risk detection, gap analysis, KPI mapping against legal frameworks, and generates structured, bilingual reports. Fatma Buti Alsuwaidi, Director of Strategy and Corporate Performance, noted ASCEND's ability to offer actionable recommendations and ensure regulatory alignment of KPIs. Hosted on UAE-based cloud infrastructure, ASCEND adheres to national Information Security Regulation standards, maintaining full data sovereignty. The launch positions Dubai as a global pioneer in AI-driven public sector transformation, setting a new standard in financial governance innovation. News Source: Emirates News Agency
