Maktoum bin Mohammed chairs meeting of Higher Committee for the Development of the Economic and Financial Sector in Dubai

- Maktoum bin Mohammed chairs meeting of Higher Committee for the Development of the Economic and Financial Sector in Dubai
- His Highness reviews strategies and plans to drive sustained growth and further enhance investment climate for the private sector
- His Highness: The committee seeks to ensure Dubai’s economic and financial systems are aligned with international best practices and responsive to global economic shifts

- “The committee will be responsible for approving high-level policies and strategies, reviewing and updating sectoral laws and regulations, and enhancing transparency”

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 in the emirate of Dubai, chaired a meeting of the committee during which he reviewed its upcoming plans, programmes, and strategic objectives.

His Highness Sheikh Maktoum stated: “Dubai enjoys a prime position among global economic centres thanks to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Continued efforts to expand the economic and financial sectors build on this relentless quest to solidify the emirate’s position as a global economic and financial hub that offers the best possible business environment for the private sector.”

His Highness added: “The role of the Higher Committee for the Development of the Economic and Financial Sector in Dubai complements and aligns with all ongoing initiatives and projects aimed at enhancing the efficiency of the economic and financial ecosystem. The committee seeks to constantly enhance the performance of Dubai’s economic and financial systems to ensure they are aligned with international best practices and responsive to rapid shifts in the global economic landscape. The committee will be responsible for approving high-level economic and financial policies and strategies, reviewing and updating sectoral laws and regulations, enhancing transparency and governance, encouraging listings on financial markets, and attracting investments in high-value, innovative sectors.

“The committee represents a key step in elevating the financial and economic sectors to a new phase of qualitative development aligned with our futuristic aspirations and reinforcing Dubai’s position among the world’s leading economic and financial centres. Our goal is to set still more ambitious benchmarks with an integrated vision and policies that support Dubai’s competitiveness and strengthen its standing as a key growth hub in the global economy.”

His Highness added: “Dubai continues to inspire with its exceptional showing on various global economic and financial indicators, which places a greater responsibility on us to maintain this leadership and continue to excel in the future.”

His Highness Sheikh Maktoum directed committee members to devise innovative mechanisms that would further enhance Dubai’s economic and financial standing and contribute to making it the most dynamic, vibrant and attractive development model globally.

“The committee will submit a comprehensive vision for the development of the financial sector in the emirate of Dubai, including high-impact initiatives and policies to be approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum as part of the emirate’s drive toward global leadership in this vital sector,” His Highness said.

Committee members
The Higher Committee for the Development of the Economic and Financial Sector in the Emirate of Dubai includes the following members: His Excellency Mohammad bin Abdullah Al Gergawi as Vice Chairman; His Excellency Mohammad bin Hadi Al Husseini; His Excellency Omar Sultan Al Olama; His Excellency Helal Saeed Al Marri; His Excellency Essa Abdulfattah Kazim; His Excellency Faisal Yousef bin Sulaitin; His Excellency Fadel Abdulbaqi Al Ali; His Excellency Saeed Al Attar; and Her Excellency Huda Sayed Naim AlHashimi as Secretary General of the Committee.

Comprehensive agenda
During the meeting, His Highness Sheikh Maktoum reviewed the committee’s strategic plan, which includes developing a comprehensive and long-term agenda for the advancement of the financial sector in the emirate of Dubai. The agenda focuses on several key pillars, including: strengthening Dubai’s position as a leading centre for asset and wealth management by boosting its attractiveness for global capital; supporting the growth of startups and scale-ups, and attracting unicorn companies; developing a competitive and innovative banking and investment environment; and accelerating digital transformation within the financial sector by promoting the role of virtual assets and financial technology, and attracting global fintech innovators.

Regulatory focus
His Highness instructed members of the Higher Committee for the Development of the Economic and Financial Sector in the Emirate of Dubai to: review and update relevant laws, regulations, and policies governing the economic sector, financial services sector, financial markets, stock exchanges, and relevant courts; enhance transparency and governance within the sector; and support the development of a modern, advanced, and integrated digital infrastructure to improve the sector’s efficiency and accelerate its economic and developmental role.

His Highness also directed the committee to take steps to promote listings on financial markets and to simplify related procedures while working toward positioning Dubai as a global and regional hub for economic, financial, and investment activities. This includes attracting companies and investors from diverse economic sectors and promoting diversity across economic and financial fields. Focus will also be placed on developing and attracting investments and projects across a range of areas, such as the digital economy, financial technology (FinTech), advanced industries, virtual assets, entrepreneurship, and innovation – particularly in future-focused, high value-added sectors.

During the meeting, His Highness Sheikh Maktoum discussed the committee’s role in endorsing high-level economic and financial policies and strategies that support the realisation of the Dubai Economic Agenda D33. The committee is also tasked with coordinating efforts among relevant economic and financial entities to ensure integration of activities, promote sectoral development, and support the achievement of Dubai’s overarching economic and financial strategy.

Additionally, the committee will monitor and anticipate future opportunities and challenges with the potential to impact the sector and frame appropriate recommendations to address them or leverage them. These efforts aim to ensure the long-term success of strategic goals in coordination with relevant stakeholders. A key priority is enhancing Dubai’s economic and financial competitiveness regionally and globally by streamlining policies and enablers. This includes developing an integrated ecosystem for conducting economic activities that boosts Dubai’s rankings in global competitiveness indices and ensures that the emirate remains attractive to investors, talent, and innovation.

Investment incentives
His Highness also outlined the committee’s objectives, which include launching innovative economic and financial initiatives aligned with global transformations and the structural shifts they require in operational models. These initiatives are designed to empower investors to expand their capital presence, ensure the free flow of funds and investments, and provide the necessary incentives and facilities to individuals and institutions alike. The aim is to encourage them to leverage the investment opportunities available in Dubai, and to place such initiatives before the relevant authorities for implementation.

Furthermore, the committee will develop and implement plans to promote Dubai as a premier destination for investors, portfolio managers, and entrepreneurs, both locally and internationally, and will oversee the execution of these plans in collaboration with stakeholders across the emirate. In parallel, it will review data and performance indicators from the economic and financial sectors and use them as a reference point to strengthen and elevate Dubai’s standing locally, regionally, and globally.