Dubai's Finance Department and General Directorate of Residency and Foreigners Affairs (GDRFA) have inked a mutual agreement, focusing on enhancing digital payment systems.

Dubai Finance Department and GDRFA Dubai Sign MoU to Drive Digital Economy

In a significant step towards achieving its digital economy goals, the Dubai Finance Department and the General Directorate of Identity and Foreigners Affairs (GDRFA Dubai) have signed a Memorandum of Understanding (MoU). This partnership is considered an example of institutional collaboration driving the emirate's economic goals.

The MoU aims to develop digital infrastructure, adopt financial technologies, share expertise, and launch public awareness campaigns to boost confidence in cashless solutions. This initiative supports a strategy launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum last year, aiming for 90 percent of all financial transactions to be digital and full digital enablement across Dubai by the end of 2026.

Lieutenant General Mohammed Ahmed Al Marri, Director General of GDRFA Dubai, emphasized a human-centric approach to the agreement. He stated that digital payments simplify daily life and strengthen Dubai's global standing in innovation and readiness. The partnership reinforces Dubai's ambition to rank among the world's top five cities in digital payment adoption.

Abdulrahman Saleh Al Saleh, Director General of the Dubai Finance Department, stated that the partnership reflects the government's commitment to creating an advanced, secure payment environment. Amina Mohammed Lootah, Director of Digital Payment Systems Regulation, suggested that the strategy could add at least AED 8 billion annually to Dubai's economy through fintech growth.

The agreement further cements Dubai's status as a global leader in smart and sustainable economic development. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is the minister or the top official supporting and responsible for implementing Dubai's vision of a fully digital economic model. The partnership aligns with the Dubai Economic Agenda D33.

This strategic move is expected to expand digital payment channels, strengthen secure transactions, and accelerate Dubai's shift to a fully digital economy. The initiative is a testament to Dubai's commitment to embracing innovation and technology to drive its economic growth and enhance the quality of life for its residents and visitors.

Dubai's Finance Department and General Directorate of Residency and Foreigners Affairs (GDRFA) have inked a mutual agreement, focusing on enhancing digital payment systems.