Sheikh Maktoum Approves Dubai Financial Sector Strategy as VARA Tops AED 2.5T

Dubai has taken another major step toward solidifying its standing as one of the world’s top financial hubs, as His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, approved the Dubai Financial Sector Strategy, which is a comprehensive roadmap designed to double the sector’s contribution to the emirate’s GDP and expand its assets under management.

During a meeting of the Higher Committee for the Development of the Economic and Financial Sector, Sheikh Maktoum reviewed progress across Dubai’s financial landscape, including the rapid rise of virtual assets, capital markets, and SME financing.

The new strategy outlines 15 transformative programs to be launched over the next three years, aimed at building a more innovative, sustainable, and globally competitive financial ecosystem.

The approval comes as Dubai strengthens its position on the Global Financial Centres Index (GFCI), climbing to 11th worldwide and ranking first globally in future growth potential.

Under the Virtual Assets Regulatory Authority (VARA), Dubai has also emerged as the world’s single largest licensed virtual assets market, with regulated entities recording nearly AED 2.5 trillion in transaction volumes year-to-date.

More than 40 licensed virtual asset service providers now operate under VARA’s framework, alongside over 600 registered firms offering advisory or technology services.

Sheikh Maktoum praised the progress made in Dubai’s financial sector, highlighting the emirate’s vision to become one of the world’s top three financial hubs. “This strategy represents a major step for Dubai’s financial sector,” he said, noting that the planned programs will “establish an innovative and sustainable financial ecosystem” that strengthens investor confidence and supports economic diversification under the Dubai Economic Agenda D33.

The Dubai Financial Sector Strategy will focus on advancing key pillars such as capital markets, asset and wealth management, SME financing, fintech, and virtual assets. It also seeks to encourage more family businesses and startups to list on local markets, while expanding legislative frameworks to attract global asset managers.

Dr. Ayesha Binlootah, a leading expert in financial regulation and fintech and Assistant Professor at VARA, described the announcement as a “defining milestone” in Dubai’s journey to becoming the world’s most advanced and trusted financial hub.

“With nearly AED 2.5 trillion in virtual asset transaction volumes across regulated entities under VARA, Dubai now stands as the world’s single largest licensed virtual assets market, a powerful testament to the visionary leadership of HH Sheikh Mohammed bin Rashid Al Maktoum,” Dr. Binlootah said.

She added that the strategy “reinforces our commitment to innovation, economic diversification, and sustainable growth, transforming how we regulate, invest, and build the financial ecosystem of the future.”

Dr. Binlootah emphasized that Dubai’s leadership continues to provide “unwavering institutional support,” driving real impact across regulation, technology, and financial innovation.

Meanwhile, the Dubai Financial Market (DFM) continues to outperform global peers, with its General Index up 14.7% in 2025 (the highest level since 2008) and market capitalization reaching AED 1 trillion. Recent highlights include the AED 1.4 billion IPO of ALEC Holding and a secondary public offering for DU valued at approximately AED 3.15 billion.